New President, Rocketing Profits for Amhara Bank


New President, Rocketing Profits for Amhara Bank

Amhara Bank announced a net profit of 550.2 million Br in the fiscal year ending June 30, 2024, a substantial increase of 696 million Br compared to the previous year. Board Chairperson Gashaw Debebe attributed the financial turnaround to the bank's resilience and strategic focus. The Bank's total assets surged by 24pc to reach 35.2 billion Br while deposits also saw a significant increase, rising by 26pc to reach 25.1 billion Br. At its general assembly held at Millenium Hall on Africa Avenue last week, Amhara Bank reported total assets of 35.2 billion Br. The two-year-old’s total revenue for the fiscal year reached 4.4 billion Br, an increase of 2.6 billion Br compared to the previous year. The revenue growth was primarily driven by interest income, which constituted 86.2pc or 3.8 billion Br of the total revenue. The bank's paid-up capital increased by 12pc to 6.5 billion Br, enabling it to surpass the minimum regulatory threshold ahead of schedule. Amhara Bank's customer base expanded substantially, growing by 80pc to 1.8 million customers. Gashaw emphasized the Bank's commitment to innovation, outreach, and staying ahead of evolving business dynamics. Yohannes Ayalew (PhD), the newly appointed CEO, acknowledged the global and domestic challenges but accentuated the Bank's focus on reinforcing outreach, customer acquisition, resource mobilization and credit management, which have contributed to growth. Amhara Bank disclosed it is in discussions with the National Bank of Ethiopia (NBE) to release capital that was previously blocked due to documentation issues.


Radar

Ethiopia Revives WTO Ambitions After Five-Year Stall

Ethiopia's trade delegation led by Kassahun Gofe (PhD), a chief negotiator in the WTO accession talks, is reviving a long-stalled effort to join the World Trade Organisation (WTO), signalling renewed ambition following a five-year hiatus. He travelled last week to Geneva, Switzerland, where the WTO is headquartered, to conclude negotiations for membership by March next year. If successful, Ethiopia's accession to the world's trade body will be timed, with the 14th ministerial conference set t...


Radar

First Digital Insurance, Loan Services Launched

A new digital insurance and loan service platform christened 'Agar' - translated as a partner - has debuted in the market, marking a notable entry into the financial sector. The initiative, a collaboration among Global Bank Ethiopia, Lucy Insurance, and Kacha Digital Financial Services, pledged to transform access to insurance and credit for various user groups, including insurance policy buyers, taxi drivers, and salaried employees. For Abraham Tilahun, CEO of Kacha Digital Financial Service...


Radar

City Forms Task Force to Regulate Informal Street Vendors

A new task force under the city administration will enforce new regulations designed to restore order on the streets of Addis Abeba and address concerns over cleanliness and public safety. The task force has been established to enforce regulations imposed on informal street vendors. The city's Trade Bureau launched the initiative to address the increasing informal trading, which city officials say has been "disruptive to the established trade system." The task force is headed by Deputy Mayor...