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.



Hamere Berhan' at the old post office prints books using ancient paper made from animal skin called 'Birana'.  It is part of the Ethiopian Orthodox Tewahdo Church which has had scribes for close to two millennia. The shortage of paper is evident with close to 10 companies operating in the paper conversion industry and a single paper mill in the country. Local players have seen their market share drop over the years and are looking to regain it. ...



A palm tree is moved to a new location for replanting around Meskel square. The global effort to battle man-made climate change has gained steam over the last few years. African countries have shifted gears in trying to unlock climate financing from the global north. With debt-to-GDP ratios averaging around 62pc continent-wide, many countries are utilizing the climate narrative to get debt structuring. This was one of the appeals of the Prime Minister of Ethiopia when he addressed the AU summit...



The area around Ambassador, famous for its souvenir shops, is getting demolished for real estate development. The Addis Abeba City Administration has ramped up efforts to remodel the city's architecture over the last few months. The capital was established by Emperor Menelik 137 years ago. He also introduced the first telephone, car, hotel, and hospital to the country. A construction project headed by the mega projects office to commemorate his victory over the Italians at Adwa is 70pc complete...