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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Parliament Overhauls Three Key Sectors

Parliament approved two key proclamations last week seeking to strengthen the justice system and civil registration processes. The first re-establishes the Federal Justice & Legal Institute under the Federal Supreme Court. The Institute will provide mandatory training for law graduates and professional development for judges, aiming to improve the competence and efficiency of legal professionals. Parliamentarians emphasized the importance of centralized pre-service training for all justice p...


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CBE Hits Deposits Record

The Commercial Bank of Ethiopia (CBE) achieved a record 303 billion Br in deposits in the first seven months of the budget year—the largest deposit amount in the Bank's history. Total deposits now sit at over 1.4 trillion Br. The CBE attained 147.6pc of forecasts and now accounts for 58.3pc of the sector's total. The total amount of loans provided by the Bank has reached over 1.3 trillion Br, with 88pc of the 153.32 billion Br in loans disbursed by the mid-budget year going to the private s...


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Revenue Bureau Cracks Down on Alleged Tax Evaders

Addis Abeba Revenue Bureau introduced a debt tracking system that would trace tax evaders. As a result, five vehicles were seized and sold to recover tax debts, generating 10.9 million Br. Currently, 13 additional vehicles and one residential property are in the process of being auctioned. In collaboration with the Financial Intelligence Service (FIS), the Bureau has been tracking taxpayers who try to escape the tax net. The Bureau has also announced that the deadline for submitting req...