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.  

[ssba-buttons]

Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...