Pioneering Mortgage Bank Increases Assets Amidst Declining Profits


Pioneering Mortgage Bank Increases Assets Amidst Declining Profits

Goh Betoch Bank, the first private mortgage bank in the country, experienced a 19pc decline in gross profits in a financial year that saw total assets soar by 117.4pc to 2.63 billion Br. Total deposits mobilised by Goh showed a growth rate of 255.3pc to 911.8 million Br from last year as it made net profits of five million Birr. Operating expenses also rose significantly to 206.2 million Br alongside a parallel increase in revenues of 74.1pc to 212.6 million Br. According to Getahun Nana, board chairman, the Bank had made progress despite several challenges during the year, earning three million dollars in foreign currency. The total amount of loans and advances for mortgages and other businesses at the end of the fiscal year reached 1.3 billion Br, a significant increase of 342pc compared to the 298.6 million Br at the beginning of the year. Nealy half of the loans consist of long-term mortgage loans. Total capital, including paid-in capital, various reserve accounts and undistributed profits, saw a substantial increase to 1.55 billion Br. The Bank's paid-up capital also increased significantly from 780 million Br to 1.3 billion Br, reflecting a 69.3pc increase. Concurrently, the legal reserve reached 3.25 million Br.  


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Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


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Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


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City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...