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Nov 25 , 2023 . By BERSABEH GEBRE

Abay Bank Leaps in Profit Defying Liquidity Hurdles

Abay Bank has reported a substantial surge in net profits, reaching an impressive 1.55 billion Br for the fiscal year 2022/23. This significant growth course stands out in an industry often dominated by long-established banking giants, displaying Abay Bank's rapid ascent in the competitive banking l...

Nov 11 , 2023 . By BERSABEH GEBRE

ZamZam Bank Charts Historic Turnaround in Islamic Finance

ZamZam Bank S.C., the pioneering Islamic financial institution, has charted a course from turbulent financial waters to profitability, marking a significant turnaround in its operations. Revealed during a recent shareholder meeting at the Millennium Hall, company directors and executives spoke of the Bank's resilience in the face of economic adversities and its strategic insight in navigating the unique landscape of Islamic banking. Nasir Dino (PhD), chairman of the Board, and Melika Bedri, the Bank's President, presented these upbeat financial results before thousands of shareholders, refl...


Jul 1 , 2023 . By BERSABEH GEBRE

Hijra Bank Navigates Early Turbulence in Budding Financial Frontier

The nascent Islamic banking sector is facing a steep uphill climb as its newest entrants grapple with substantial first-year operating losses. Among these, Hijra Bank, one of the country's first fully-fledged Islamic banks, incurred a loss of 143 million Br in its inaugural year, generating palpable shareholder discontent during its median annual general assembly. A glance at the Bank's balance sheet may portray a concerning forecast. However, Dawit Keno, Hijra's founding president, believes these are merely birthing pains of an ambitious newcomer. He pointed to a steep surge in operational...


Jun 24 , 2023 . By BERSABEH GEBRE

ZamZam Eyes Potent Resilience, Growth in Untapped Market Defying Initial Losses

In Ethiopia's nascent and somewhat turbulent Islamic banking industry, a narrative of daring ambition, loss and potential resilience unfolds. ZamZam Bank, Ethiopia's first full-service Islamic bank, recently declared an annual loss of 146.42 million Br in its fiscal year ending June 2022, a development that contrasts sharply with the firm's aggressive expansion plans. The news, however, has not dented the upbeat outlook of the Bank's executives, who highlight the positive strides made in their launch year. Experts say given its considerable paid-up capital, a large pool of depositors, an...

News analysis

May 6 , 2023

Abay Insurance Flourishes Amidst Currency Woes, Rising Costs

Abay Insurance's upswing in profit and impressive earnings per share (EPS) growth last year was marked by foreign currency shortages, rising costs and violent conflicts affecting the industry. The com...

Apr 22 , 2023

Addis Bank Leaps Forward in Assets and Deposits, Yet Grapples with Profitability and Digital Adoptation

Addis International Bank (AdIB) has demonstrated considerable growth in assets, high-interest margins, and deposit growth during its operation in the fiscal year 2021/22. However, it lagged behind its...

Mar 4 , 2023

Inflation, Tax Woes Plague Breweries, Price Hike Brewing

Local breweries have increased wholesale beer prices for the third time in three years as galloping inflation and a global economy in recession take their toll. The price of a crate has shown a 10p...

Fed Seals Costly Fertiliser Deal, Demand Remains Unmet

An Abu Dhabi-based firm has agreed to supply half a million tonnes of urea to Ethiopia following months of negotiations between federal authorities and executives of FertiGlobe. It was a delicate p...

Apr 9 , 2022

Flower Exporters Grumble Over Changing Rules, Revised Floor Prices

Ethiopia's central bank has set a threshold price for the exports of fresh-cut flowers to the dismay of the companies and their managers, who warn that higher floor prices could imperil competitivenes...

Supplementary Budget Raises Worries Over Deficit Financing

Members of parliament have voted in favour of a record-high supplementary budget bill Prime Minister Abiy Ahmed's (PhD) administration motioned last month. The bill met objections from nine of the 30...

Jan 15 , 2022

Central Bank 'Only Option' Leaves Exporters Fuming

As the central bank slashes foreign currency retention rates by half to 20pc, exporters are decrying the move as detrimental to their businesses and warn a fall in foreign exchange revenues is inevita...

Jan 1 , 2022

Ethiopia's Dilemma in Europe Trade Deal

Efforts to enrol in an Economic Partnership Agreement (EPA), a multilateral trade link with the European Union (EU) negotiated with African, Caribbean and Pacific countries, await government decisions...

Dec 11 , 2021

Fuel Subsidy Scale Back Drives Record-High Prices at Pumping Stations

Federal authorities increased prices on various fuel products last week, making a record-high jump never seen before in pumping stations. As the news made its rounds that benzene and diesel would s...

Dec 4 , 2021

No Law Undermines Farmland Certification Benefits, Access to Finance

A registration for over 72,000 parcels of farmland in the Southern Regional State was completed recently, paving the way for the second-level land certification programme that first appeared in the re...

Nov 20 , 2021

Mobile Money or Card Payment? The Jury's Still Out

Nassir Alemayehu runs a retail shop in Merkato. He was one of the first clients to enrol three months ago as a merchant on Telebirr. A mobile payment platform launched earlier this year by the state-o...

Oct 30 , 2021

EthSwitch Launches Overdue Bank Transfer Feature, Users Grapple with Flaws

A national switch operator has launched a long-overdue connectivity between banks that allows for the instant transfer of funds. A microfinance institution and nine banks have already been integrated...

Sep 26 , 2021

Fintech Firms, Banks Buckle Up to Fight Growing Parallel Forex Market

The increase in the informal flow of foreign currency could be unyielding. However, banks and fintech firms rush to avail digital remittance platforms, positioning themselves to boost inflow by signif...

Sep 10 , 2021

Despite Consumers Anxiety, Holiday Markets Remain Buoyant

In the morning around 11am of Wednesday last week, half a dozen customers, mostly women, are lined up in the butter section of Shola Market. Shola is one of the largest trade hubs in Addis Abeba, host...

Aug 28 , 2021

In War Time, State Manoeuvres to Command the Market

Two days after sanctioning traders from making price changes, hoping to ward off inflationary pressure, the Addis Abeba City Administration officials have banned landlords in the capital from increasi...

Aug 21 , 2021

Inadequate Risk Management Continues to Claim Lives

Today, August 22, was supposed to be a day of celebration for a group of students under the Mekane Eyesus Seminary School, located just off Guinea Bissau Street in the Mekanisa neighbourhood of Nifas...


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Betting Big on Capital Markets in the Land of Banks, Bureaucracy


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Betting Big on Capital Markets in the Land of Banks, Bureaucracy

Ethiopia's quest to develop a functioning capital market is a demanding yet not unachievab...

Editorial | Nov 25 , 2023

Evolving Dynamics of Domestic Travels

Fikresilassie Tsegaye, 34, is an architect by profession, who has seen his favourite holid...

Featured | Sep 23 , 2023 . By BERSABEH GEBRE

Scratched Off

Please stop!" screams the 63-year-old Nunu Bedane, as a spirited group from the Addis A...

Agenda | Nov 25 , 2023 . By AKSAH ITALO

Tax Dispute Dampens Awash's Milestone Profit Thrill

Awash International Bank (AIB) posted a striking surge in net profits, reaching 6.9 billio...

Fortune News | Nov 25 , 2023

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