Berhan Bank Dims Financial Year Course


Berhan Bank Dims Financial Year Course

Berhan Bank shareholders had little to smile about during the annual general assembly, learning that their profit earnings for the year hung by a thread. The Bank has netted 508.6 million Br profit for the year. It has shown a 6.4pc increase from last year but is two times lower than its peer Abay Bank which reported 1.55 billion Br the prior week. The Bank's expenses in the year had shot up by 25pc to around 4.5 billion Br, while its paid-up capital remains 1.6 billion short of the central bank's minimum requirement. Rising expenses along with executives' accountability were highlighted during the meeting at Millenium Hall last week. A fortnight ago, a management reshuffle that saw its president Girum Tsegaye's resignation after a 20-month tenure took place citing disagreements with the board. With 156 Br Earnings Per Share (EPS), shareholders demanded an explanation from executives over exorbitant spending that stuck out during the report. A case in point was donations of a little over 32 million Br to large public projects. A shareholder upset over declining dividends expressed serious grievances to the board of directors, learning that a portion of it was used to finance a state project without his approval. "It's our money," he told executives, indicating that consent was essential. Pointing to a panoply of unprecedented causes fueling the woeful performance, Board Chairman Gumachew Kussie apologised for low dividend payments. Berhan's provision for impairment of loans decreased to 207 million Br. At the same time, the 14-year-old Bank's assets have soared by 36pc to 45 billion Br.

[ssba-buttons]

Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...