Siket Bank Doubles Profit, Attains Regulators Threshold

Siket Bank Doubles Profit, Attains Regulators Threshold


Siket Bank Doubles Profit, Attains Regulators Threshold

Siket Bank announced impressive financial results, with a net profit of 1.54 billion Br, representing a 50pc surge from the preceding year. The bank's paid-up capital witnessed a 25pc increase, reaching 5.46 billion Br, exceeding the minimum capital requirement set by the National Bank of Ethiopia. The accomplishments were displayed during the bank's annual general assembly held last week at the Hyatt Regency hotel near Mesqel Square. The bank’s stellar financial performance is further evidenced by a substantial 36pc growth in total deposits, which now stand at 4.9 billion Br. Fueling this growth is the bank's expanding loan portfolio, which reached nine billion Birr. Siket also reported an 8pc rise in collected debts, totaling 4.2 billion Br. Contributing to the bank’s success is a 41pc surge in total income, reaching 2.37 billion Br, with a significant 75pc attributed to interest revenue. While total expenditures increased by 28pc, reaching 828.5 million Br, the bank’s robust income growth ensured a healthy profit margin. Formerly Addis Credit & Saving Institution, Siket Bank has made significant investments in its infrastructure, implementing a new core banking system and constructing a state-of-the-art data center.

[ssba-buttons]

Radar

Milkii App Disburses 25 Million Br in Collateral-Free Loans in Two Months

Oromia Bank's new collateral-free digital lending app, Milkii, has disbursed 25 million Br in loans without requiring collateral. Of this, 16 million Br has already been repaid, generating 1.4 million Br in revenue within just two months. Developed in partnership with Quantum Technology PLC, the app plans to make lending more accessible and inclusive, aligning with Oromia Bank's contribution to the Digital Ethiopia initiative. According to a press release, Milkii promotes financial inclusi...


Radar

Ethiopia Partners with UK to Ease Shipping Bottlenecks

The Ethiopian Freight Forwarders & Shipping Agents Association (EFFSAA) and the British International Freight Association (BIFA) signed a memorandum of understanding (MoU) on May 27, 2025, at Hilton Hotel Addis Abeba, to address skills gaps, customs delays, and corridor inefficiencies in the freight and logistics sector. The partnership focuses on technical cooperation, training, and regulatory reform. With over 90pc of trade dependent on the Djibouti corridor, rising congestion, customs...


Radar

Education Authority Sanctions Mishqen College for Rule Violations

The Education & Training Authority has issued a decisive directive last week, mandating legal action against Mishqen College for persistently defying regulatory orders and unlawfully continuing to offer higher education services. Mishqen College had previously been licensed to conduct undergraduate distance learning programs across multiple regions from 2019 to 2022. However, after serious regulatory breaches, the institution was ordered to cease all instruction, complete pending academic...