Dashen Maintains Financial Dominance Boasting 3.5b Br Profit


Dashen Maintains Financial Dominance Boasting 3.5b Br Profit

Dashen Bank has registered another record-high profitable year netting 3.5 billion Br. Total assets soared over 144 billion Br during a year in which the bank wrapped up its five-year strategic plan. While the earnings per share declined from 532 Br to 442 Br, the bank has nearly doubled the paid-up capital requirement put forth by the central bank, reaching 9.3 billion Br. The 30th annual meeting at the Skylight Hotel was held last week while President of the Bank Asfaw Alemu, pointed to customer attraction, resource mobilisation and channel expansion as pillars of its continued growth. Asfaw attributed Dashen's success this year in acquiring a foreign loan to the tune of 40 million dollars from a joint commitment of the UK's British International Investment (BII) and Dutch FMO, making it the first Ethiopian bank to take advantage of the foreign currency intermediation directive. Dashen managed to open 253 branches in the year, raising its total to 835 across the country with more than 5.2 million customers. Board Chairman Dula Mekonen indicated that the treasury bond purchase requirement has had a significant impact on the Bank's credit deployment despite managing to obtain revenues of 18 billion Br.


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Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


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Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


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City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...