Top Private Banks Cement Lead with 19b Br Profits

Jul 23 , 2022

The three leading private commercial banks registered over 19 billion Br in profits before taxes in the fiscal year that ended earlier this month. Awash Bank remains the industry's top dog with close to 9.2 billion Br in profit before tax. It is nearly 60pc higher than the figure it recorded in the year prior. The Bank of Abyssinia follows with 5.4 billion Br in profit before tax, more than doubling its performance from 2020/21. Dashen Bank is not far behind with close to 4.5 billion Br in profit before tax, a 31pc growth. The industry leaders go into the new fiscal year with intensified competition, as newcomers like Amhara Bank, Tsehay Bank, and Ahadu Bank join the fray.


ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that pay...


AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking place at the Kenyatta International Conference Centre in late May, will focus on "Africa's Transformation," a theme reflecting the continent's ongoing pursuit of economic and social development. "Despite progress over the years, Africa's transformation remains incomplete," said Vincent O. Nmehielle...


Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...