Private Banks' Subscribed Capital Hits 74b Br Mark

Nov 20 , 2021

The aggregate subscribed capital of private commercial banks has surpassed 74 billion Br, a 33pc increase from the previous year. According to a report released by the National Bank of Ethiopia (NBE), the capital of private and state-owned banks combined has reached 153.7 billion Br. Of this, the Commerical Bank of Ethiopia (CBE) accounts for 32pc, followed by the Development Bank of Ethiopia (DBE), whose capital saw a jump to 29.2 billion Br from 7.7 billion Br registered in the third quarter of the previous fiscal year. Among private banks, Awash Bank leads its peers with 11 billion Br in subscribed capital. Dashen and the Bank of Abyssinia follow with close to seven billion Birr each. Banks have been rushing to float shares internally and to the public following a directive issued by the central bank earlier this year, obligating them to raise their paid-up capital to five billion Birr. Only six of the 17 operational private commercial banks have met the threshold thus far, while several are yet to reach the halfway point. Addis International Bank has the lowest capital among them, with 1.3 billion Br. Debub Global and Enat banks are not far ahead.



Women around the Koshe area hunt through piles of trash to find scraps of metal to sell. With close to three million people unemployed in the country and a headline inflation of 33pc, unskilled labour is in little demand. Ethiopia has an adult literacy rate of 51pc, with fewer numbers going past high school. Less than three percent of 12th-grade students made it to universities this year while the rest were at the mercy of remedial exams...



An old wooden car that was part of a commercial campaign by a furniture company around the Beherawi Theatre area. Ethiopia's forest coverage to national land size has been registered at 15pc to the latest data by the World Bank. The current Prime Minister Abiy Ahmed launched an initiative labelled 'Green Legacy' to plant five billion trees in 2020 claiming an 83pc success...



A young boy attempts to pull a piece of cloth from an overloaded pickup truck around the Ayer Tena area. Observing an unsupervised child on the streets of the capital has become a common sight, with sporadic conflict across the country creating nearly four million internally displaced people. Despite the last census having been conducted 16 years ago, the population of the country is estimated at 120 million...