FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo


Nov 24 , 2024 . By TIZITA SHEWAFERAW

Ahadu Bank Finds a Footing, But Policy Cloud Path to Ambition

Ahadu Bank, one of the youngest financial institutions in the market, has made a noteworthy recovery from substantial losses during its founding years, posting a net profit of 90.9 million Br in the fiscal year 2023/24. The turnaround came after the Bank absorbed a hefty loss of 193.68 million Br th...

Nov 16 , 2024 . By TIZITA SHEWAFERAW

Wegagen Bank Rises from the Brim as It Sails Economic Crosswinds

Wegagen Bank has staged a remarkable turnaround by nearly doubling its net profit and boosting earnings per share (EPS) in the fiscal year 2023/24. The resurgence proved the Bank's resilience after arduous years of political instability, as well as foreign currency shortages and commodity price volatility. It posted a net profit of 1.6 billion Br, rewarding shareholders with 36.9pc EPS, an impressive 14.2 percentage points increase from the previous year, while the industry average hovered around 38.4pc. The increase in profitability comes despite an environment where many banks face hei...


Nov 9 , 2024 . By TIZITA SHEWAFERAW

Berhan Bank Makes Stunning Comeback With Soaring Profit

Berhan Bank has staged an impressive turnaround, closing the fiscal year 2023/24 with a sharp increase in profits that vindicated the effectiveness of its new management's strategic decisions. The Bank posted a net profit of 1.19 billion Br, a 134.3pc jump from the previous year, marking a recovery after a period of shareholders' apprehensions and internal upheaval. The resurgence comes after a challenging start to the year, marked by the resignation of its former President, Girum Tsegaye, over disagreements with the Board of Directors. With five months left in the fiscal year, the Board, c...


Nov 3 , 2024 . By TIZITA SHEWAFERAW

In the Shadow of Giants, Zemen Bank Bucks the Trend

Zemen Bank, a relatively young player in the banking industry, has once again punched above its weight. A second-tier financial institution, it posted a net income of 2.5 billion Br for the 2023/24 fiscal year, ranking seventh among 28 private commercial banks. Its performance surpassed the industry's average net income of 1.9 billion Br. The Bank's achievement is particularly notable given the intense concentration of profitability within a few top banks, which uncovers structural asymmetries in the banking industry. The state-owned Commercial Bank of Ethiopia (CBE) leads, constituting...

News analysis

Oct 27 , 2024

Dashen Bank Bets on Treasury Moves to Sail Through Economic Strains

Dashen Bank's performance last year represented a marked rebound in its foreign exchange dealings, complemented by considerable revenue and asset growth. It has also capitalised on strategic investmen...

Oct 20 , 2024

Africa's Oldest Telecom Operator Rings In New Era With Partial Privatisation

Breaking a century-long state monopoly, the state-owned Ethio telecom S.C. has launched an initial public offering to sell 10pc shares to the public, hoping to raise additional equity in hundreds of m...

Oct 13 , 2024

President Taye Focuses on Economic Priorities Against Regional Conflicts

Newly appointed President Taye Atskeselassie delivered his first address to a joint session of the two legislative houses last week, laying out the focus for the fiscal year for Abiy Ahmed's (PhD) adm...

Sep 1 , 2024

Reforms, Economic Stability Key to Capital Market's Future: Study Finds

The capital market is expected to see substantial growth in size and investment over the next four years, contingent on favourable macroeconomic conditions and successful policy implementations, accor...

Aug 25 , 2024

Communications Authority Kicks Off Data Registry Entities

Federal institutions, schools, civil society organisations, and other entities that collect personal data are required to register with the Ethiopian Communications Authority (ECA). Parliament recentl...

Aug 4 , 2024

FLOATING BIRR, FLEETING FORTUNE

For decades, the Birr stood as a symbol of national economic policy sovereignty. However, its foundations have pulverised under a persistent axis of pressures: inflation, forex crunch and a widening b...

Jul 28 , 2024

Soaring Costs, Security Threats Cripple Alcohol Producers

Alcohol manufacturers including the known Balezaf and National alcohol brands are entangled in a web of macroeconomic and external pressures that have plagued their industry. Substantial price surges...

Jul 7 , 2024

Banks Rush to Meet Credit Exposure Regulations Ahead of Deadline

Banks are scrambling to comply with new credit exposure regulations as the National Bank of Ethiopia's (NBE) 90- day action plan submission deadline approaches. Among the five directives approved by t...

Jun 15 , 2024

Stellar Year for Nile Insurance with Its Assets Booming

Nile Insurance's financial year concluded on a high note, posting an impressive performance, with premium collections exceeding industry averages and delivering substantial returns to its shareholders...

Jun 8 , 2024

Global Insurance's Pioneering Sharia-Compliant Bet Pays Off

Global Insurance has demonstrated commendable growth, attributed to a strategic shift towards underserved markets in the financial year 2023/24. The company's venture into Takaful offerings — an ins...

Jun 1 , 2024

Insecurity Undermines Growth as Africa Seeks to Face Global Credit Bias

The African Development Bank (AfDB) President revealed his greatest concern about proliferating insecurity across Africa. His candid admission came amidst discussions of a groundbreaking proposal by K...

May 25 , 2024

Nib Insurance Breaks Billion Barriers Among Industry Titans, Despite Turbulence

Nib Insurance has carved out a space between industry giants and new entrants in the competitive insurance market. The past year marked a major chapter in its 22-year history as the company surpassed...

May 18 , 2024

Nyala Insurance Thrives Despite a Storm of Claims, Regulations

In a year marked by remarkable growth, Nyala Insurance surged ahead, buoyed by impressive gains in investment income and life insurance. While navigating fierce industry competition and regulatory con...

May 4 , 2024

Diverse Investments Pay Off for United Insurance Outpacing Rivals with Stellar Profit Jump

United Insurance has emerged as a powerhouse in the private insurance industry, boasting a notable surge in net profits, making it second only to Awash Insurance. The robust financial performance was...

Apr 20 , 2024

Awash Insurance Dominates with Profit Surge, Even as the Economic Tide Turns

Awash Insurance consolidated its lead in the private insurance sector last year, registering vigorous profit growth that eclipsed its competitors — United Insurance, Nyala, and Oromia. Despite a cha...

Apr 13 , 2024

Confronted by Early Losses, Ahadu Bank Charges Ahead with Aggressive Growth, Digital Focus

In a period marked by industry expansion and ambitious regulation in the financial sector, Ahadu Bank, among the industry's latest entrants, has embarked on a course characterised by transformative po...


Most read

Columns

Commentaries | Nov 23,2024

Construction Sector's Ambitious Skylines, Fragile Foundations Could Lead to a Costly Legacy

Life Matters | Nov 23,2024

Hunger With Ambitions to End It

My Opinion | Nov 23,2024

Blossoming Exports Caught Under Thorny Debates Over Land, Employment, Legacy

Sunday with Eden | Nov 23,2024

Beyond the Gates of Society's Neglect

Agenda | Nov 24,2024

Mercato's Taxing Transformation Tests Tax Authorities

Editorial | Nov 23,2024

During Taxing Times, Tax Hunt Tests the Limits of an Unsteady Economy


         ADVERTISEMENT

Read More

During Taxing Times, Tax Hunt Tests the Limits of an Unsteady Economy

The fiscal puzzle deepens as the Council of Ministers approved a supplementary budget of ...

Editorial | Nov 23 , 2024

Independent Forex Bureaus Offer Valued Choice

Waktole Abdulahi, a long-time resident of Norway, was relieved when he was able to secure...

Featured | Nov 16 , 2024 . By KALKIDAN NEGASH

Mercato's Taxing Transformation Tests Tax Authorities

Business owners in Mercato, the largest open market, were left stunned by a sudden gridloc...

Agenda | Nov 24 , 2024 . By AKSAH ITALO

TAXING TIMES AT MERCATO

Business owners in Mercato were reeling from a crackdown on tax compliance that has disrup...

Fortune News | Nov 24 , 2024

Back
WhatsApp
Telegram
Email