Berhan Bank's Profit Jump, Foreign Exchange Revenues Slide


Berhan Bank's Profit Jump, Foreign Exchange Revenues Slide

Berhan Bank has reported a noteworthy 103.4pc increase in net profits, reaching 1.18 billion Br. It was accompanied by a 20.8pc return on equity and a 124pc surge in earnings per share (EPS), which climbed to 350 Br. However, the Bank's foreign exchange earnings declined by 4.9pc, totalling 139.8 million dollars, with remittances contributing 93pc and exports 5.6pc. Executives attributed the drop to a tightening in foreign exchange availability from key sources. They plan to focus on enhancing deposit mobilisation, revising strategic plans, and raising capital. Berhan Bank’s total revenues for the year hit 6.5 billion Br, while assets grew by 2.2pc to 45 billion Br. Deposits rose by 9.1pc to 39.9 billion Br, and loans and advances saw a 13.5pc increase, reaching 30.8 billion Br. The non-performing loan ratio improved, now standing at 4.98pc. Incorporated in 2009 with a paid-up capital of 97 million Br from 12,000 shareholders, Berhan Bank has since expanded its paid-up capital to 3.48 billion Br, reflecting a 2.9pc growth. The number of shareholders has increased to 16,902.

[ssba-buttons]

Radar

New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


Radar

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


Radar

Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...