Hibret Wraps Quarter Century In Surging Profits


Hibret Wraps Quarter Century In Surging Profits

Hibret Bank shareholders were in cheerful spirits as it doubled its net profit to 2.29 billion Br and marked a quarter of a century in Ethiopia's financial sector. Melaku Kebede president of the bank revealed to shareholders gathered at the Sheraton Addis Hotel on Taitu St that Earnings per Share (EPS) had nearly double to 50.72 Br. The bank has managed to total assets of 82.58 billion Br as managing to mobilize 64.54 billion Br in deposits and disbursing 60.18 billion Br in loans. Hibret has signed agreements with Zemzem Bank, Ahadu Bank, and Lion International Bank to work together on expanding E-commerce. Melaku recalled that the bank was one of the earliest adopters of technology in Ethiopia managing to provide SMS banking and mobile banking services as soon as they were available. The paid capital of Hibert climbed to 4.78 billion which is still short of the five billion minimum threshold set by the National Bank of Ethiopia for 2026. Total revenues for the year increased by around 27pc reaching 10.32 billion Br as Hibret also made gains on foreign currency generations nearly by 29.8 million to 247.8 million dollars..

[ssba-buttons]

Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...