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

Fortune Logo


Dec 29 , 2024 . By TIZITA SHEWAFERAW

Oromia Bank's Expansion Brings Big Plans, Bigger Costs, Shrinking Profits

Oromia Bank entered its 2023/24 financial year with cautious optimism but delivered a mixed performance as moderate asset growth and deposit gains were tempered by a steep decline in profitability. The Bank's leadership, led by Teferi Mekonnen, attributed much of the strain on the balance sheet to f...

Dec 22 , 2024 . By TIZITA SHEWAFERAW

Abay Bank's Revenue Soars, Profit Margins Feel the Squeeze in Costly Growth Push

Abay Bank has racked up noteworthy expansions in deposits, assets, and overall revenue. Yet its impressive growth trajectory contained some cautionary signals about profitability pressures in an increasingly competitive market. The Bank's net profit margin on total assets slipped to 2.26pc in 2023/24, trailing a common industry benchmark of three percent and declining from the 3.82pc mark recorded the previous year. Part of the margin squeeze resulted from soaring costs, particularly interest outlays, which in 2023/24 ate up nearly one-third of the Bank's overall expenses. This narrowing of...


Dec 15 , 2024 . By TIZITA SHEWAFERAW

Awash Bank Flows Steady against Industry Currents

Awash Bank's latest financial performance places it squarely at the forefront of the private banking industry. Its 2023/24 results show robust gains in assets, deposits, and profitability, all achieved despite a difficult macroeconomic environment marked by liquidity strains, regulatory pressure, and fast-changing industry dynamics. The Bank appears poised to influence the future contours of private banking, as its directors and executives eye a position among Africa's premier financial institutions by 2030. Central to its recent success is a substantial increase in paid-up capital, which ros...


Dec 8 , 2024 . By TIZITA SHEWAFERAW

Abyssinia's Forex Recovery Beams Despite Pressures on Shareholder Returns

The Bank of Abyssinia's (BoA) financial results for the fiscal year 2023/24 tell a story of growth mixed with rising costs and narrowing returns. However, a particularly notable development came from its foreign exchange activities. Net foreign exchange income turned positive at 99.19 million Br, compared with a loss of 223.56 million Br the previous year. Based in London, financial statement analyst Abdulmenan Mohammed (PhD) called the turnaround “remarkable,” a bright spot in an otherwise cautious market. Yet, beneath the positive development in the forex front, Abdulmenan noted what s...

News analysis

Nov 24 , 2024

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 f...

Nov 16 , 2024

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 ar...

Nov 9 , 2024

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 Ban...

Nov 3 , 2024

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 2023/2...

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...


Most read

Columns

Commentaries | Dec 28,2024

Ethiopia Bets Big on Floated Currency as Kenya Masters the Art of Stability

Life Matters | Dec 28,2024

When Appearance Dictates Respect, Attention

My Opinion | Dec 28,2024

Good Growth Requires Getting Public-Private Partnerships Right

Sunday with Eden | Dec 28,2024

A Journey Through Nature, Culture, History

Agenda | Dec 29,2024

Escaping Underemployment, Facing Low Wages at Home, Scam Factories in Myanmar

Editorial | Dec 28,2024

The Bureaucrats Turn to Masters of Misrule, Architects of Uncertainty


         ADVERTISEMENT

Read More

The Bureaucrats Turn to Masters of Misrule, Architects of Uncertainty

On a flight between Juba and Addis Abeba, Stefan Dercon, a professor of economic policy an...

Editorial | Dec 28 , 2024

E-bikes' Flat Tyre Seeks Authorities' Goodwill

For Netey Tesfaye, an electric bike offered a chance at a decent living, delivering goods...

Featured | Dec 15 , 2024 . By KALKIDAN NEGASH

Escaping Underemployment, Facing Low Wages at Home, Scam Factories in Myanmar

Shikur Naser, a 25-year-old civil engineering graduate, left for Bangkok, Thailand, in Sep...

Agenda | Dec 29 , 2024 . By ROBERA GETACHEW

DREAMS BETRAYED, TRAFFICKED, ENSLAVED

A 25-year-old civil engineer graduate left for Thailand in September 2023, lured by the pr...

Fortune News | Dec 29 , 2024