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Dec 1 , 2024

Nib Faces Liquidity Storm, Weak Governance

Nib International Bank registered a net profit of 957.9 million Br in the year, declining by 549 million Br and 36pc from the previous year. However, the Bank made a comeback in paid-up capital registering 7.6 billion Br, showing a surge of 25pc. Assets decreased by 13pc to 67 billion Br while depo...

Dec 1 , 2024

Customs Commission Sets Another Franco Valuta Deadline

The Ethiopian Customs Commission has given importers who used the franco valuta system up to December 26 to finalize the import of their goods. This pertains only to importers who purchased the merchandise and registered their import documents to the Commission before November 7. The Ministry of Finance had previously offered a two-week window for merchandise imports made through the scheme to finalise customs procedures. It is to be recalled that the government banned merchandise imports under the Franco Valuta scheme to address foreign exchange imbalances and stabilize Birr. The move was aim...


Dec 1 , 2024

National ID Strides Further to Mandatory Field

The National Bank of Ethiopia issued a notice to all banks mandating the use of the National ID for new bank account openings starting January 1, 2025, for branches in Addis Abeba while the same will apply for branches in major cities on July 1, 2025. All branches nationwide must comply starting January 1, 2026, while existing account holders are required to present their National ID by December 2026. The Central Bank stated its objectives for the move are to enhance the security of the financial system, promote financial inclusion, prevent fraud, streamline customer onboarding and ensure dat...


Dec 1 , 2024

Hibret Climbs Further Profit Heights

Hibret Bank posted a surge in net profits to reach 2.3 billion Br, traversing economic adversities. The Bank grew its revenues to 13.23 billion Br—an increase of 28.1pc from the previous year. Total assets were registered at 96.58 billion Br, exhibiting a 16pc increase, while total deposits rose by 15.6pc to reach 74.65 billion Br. With loans and advances sitting at 68.89 billion Br, Earnings Per Share (EPS) stood at 383 Br. The Bank opened 26 new branches during the year to reach a total of 499 outlets. Hibret's equity surged to 12.65 billion Br with a year-on-year growth of 3.27 billion...

Dec 1 , 2024

IMF Nears Approval of $251m Loan to Ethiopia

The International Monetary Fund (IMF) is close to approving a 251-million-dollar loan to Ethiopia, applauding "progress in the economic reforms," which saw the exchange rate shift toward a market-determined regime. IMF staff which recently visited Addis Abeba reached an agreement with the authorities to conclude the second review of Ethiopia's four-year, 3.4-billion-dollar Extended Credit Facility arrangement. The Fund's Executive Board is expected to review and approve the agreement in the coming weeks. "Ethiopia's economic reform program, including the transition to a market-determined exch...

Dec 1 , 2024

Central Bank Notes Rising Risks in Banking Sector

The National Bank of Ethiopia (NBE) released its second financial report last week, noting rising risks in the banking sector stemming from local and external factors. The report assessed the banking sector as stable and noted that despite the concentration of credit, risks are lower than anticipated due to the diversification of loans to the private sector. It noted that the sector would not face systemic threats even under severe credit shocks. The banking industry has continued to dominate the country's financial sector. As of June 2024, banks accounted for 96pc of the financial industry's...


Dec 1 , 2024

Chamber Flaunts Forex Turnaround, Liquidity Issues Hover

The National Bank of Ethiopia (NBE) reported a significant increase in the dollar reserves of commercial banks, from a deficit of 465 million dollars to a surplus of 600 million dollars between the first four months of the fiscal year—July to October. Habtamu Workneh, director of External Economic Analysis and International Relations Directorate at NBE, made the statement during a panel discussion at the Addis Chamber annual members day event held at the Intercontinental Hotel on Guinea Conakry Street on last year. He accentuated that the macroeconomic reforms have created substantial oppor...

Nov 24 , 2024

Standing Committee First Visit to Private Foreign Firm Garners New Era

Safaricom Ethiopia stated that it has become the first private foreign company to host a visit by a standing committee from the House of People's Representatives, with the Democracy Affairs Standing Committee touring the company's operations last week. Wim Vanhelleputte, CEO, presented the company's half-year results, showcasing growth in mobile and M-PESA services. Notable achievements include expanding 4G coverage to 46pc of the population, acquiring over 6.1 million active subscribers, and seeing a surge in data usage to an average of 6.6 GB per user. Ewinetu Alene, committee chairman, emph...


Radar

Nov 24 , 2024

Goh Mortgage Bank Registers 12-fold Gross Profit Increase

Goh Mortgage Bank reported gross profits of 83.4 million Br, a twelve-fold increase from last year's 6.4 million Br. At its general assembly last week, the bank announced total deposits of 1.02 billio...

Nov 24 , 2024

Garment Maker Invests 200 million Br in Worker Welfare

Shints ETP Garment PLC, a South Korean enterprise operating inside Bole Lemi Industrial Park, inaugurated a 200 million Br recreational facility and daycare center. This state-of-the-art facility incl...

Nov 24 , 2024

Ethio Life's Net Profit Soars 91pc, Eyes Billion Birr Premium Target

Ethio Life and General Insurance held its annual meeting at the Inter Luxury Hotel last week with gross written premiums growing by 39pc to reach 734 million Br. The majority of its premium income cam...

Nov 24 , 2024

Awash Weathers Inflation, Rakes in 8.7b Br

On its 29th annual general assembly, the 947-branch Awash Bank posted 8.7 billion Br in net profits. Held at Skylight Hotel, the Bank's board of directors announced significant financial growth over t...

Nov 16 , 2024

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging...

Nov 16 , 2024

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicl...

Nov 16 , 2024

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. Th...

Nov 16 , 2024

New Solar Power Plant Lights up in Somali Region

Ethiopian Electric Utility inaugurated a solar power plant in the town of Beqolmayo, Somali Regional State. The plant can generate 2.5 MW of electricity, enough to power 43,542 residents. The project...

Nov 16 , 2024

Customs Revises EV Import Tariffs

The Ethiopian Customs Commission (ECC) has implemented revised import taxes to bolster domestic businesses and decrease reliance on imported products. Imported electric vehicles (EVs) now face higher...

Nov 16 , 2024

EthSwitch Registers High Profits, Battles the Tax Disputes

The national switch operator has reported 1.06 billion Br in gross profit, a growth of 97pc from last year with earnings per share climbing to 73.7pc. Executives of EthSwitch, an industry-wide payment...

Nov 9 , 2024

Parliament Nods Loan Agreement with South Sudan

In a parliamentary session last week, MPs approved a 738-million-dollar loan agreement with South Sudan. The federal body ratified the proposed bill which looks to establish road infrastructure linkin...

Nov 9 , 2024

AfCFTA Strides, National Implementations Fall Behind

The 15th Council of Ministers Meeting of the African Continental Free Trade Area (AfCFTA) convened in Addis Abeba last week, bringing together stakeholders to discuss boosting trade integration and su...

Nov 9 , 2024

MOENCO Moves to Control BYD Ethiopia Presence

MOENCO, a subsidiary of Inchcape Plc, has partnered with BYD to become the official distributor of the latter's electric and hybrid vehicles in Ethiopia. This is Inchcape's third partnership with BYD...

Nov 9 , 2024

Textile and Leather Fashion Convene at ASFW

The 10th annual Africa Sourcing and Fashion Week (ASFW) opened its doors last week at the Skylight Hotel on Africa Avenue, bringing together textile, fashion, and leather industries from across the co...

Nov 9 , 2024

Tulu Kapi Gold Project Opens Investment to Ethiopian Nationals

KEFI Gold and Copper PLC, a UK-listed exploration and development company, announced it has secured 470 million dollars of the 500 million dollars required to finance its Tulu Kapi Gold Project, appro...

Nov 3 , 2024

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as...


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