Abyssinia Gross Profit Triples Industry Average

Dec 4 , 2022


Abyssinia Bank has reported successful results, with a gross profit of 4.6 billion Br, up 127pc from the previous year. It is more than triple the average gross profit for private banks. The total loan portfolio surged by a staggering 76.6 billion Br to stand at 113.3 billion Br, which is more than double of average deposits of private banks in the last fiscal year. Abyssinia branches have increased by 125, growing to 748. It has attracted over one million customers after opening interest-free banking over a decade ago, with an increase of 60pc from the previous year, constituting 13pc of the total customer base. Shareholders who convened at the Inter-Luxury Hotel last week resolved to increase the Bank's paid-up capital to 12.5 billion Br. Mekonen Manyazewal, the board's chairperson, disclosed that Abyssinia Bank saw a slight fall in foreign exchange earnings, mobilising 674.6 million dollars. The Bank's total assets have increased to 149.4 billion Br, showing a 43.6pc growth.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...