Zemen Bank reported a two billion Birr in gross profit, surpassing its threshold. The Board Chairman, Ermias Eshetu, said during a shareholders meeting held last week at the Millennium Hall, on Africa Avenue (Bole Road) the Bank has achieved the results amid economic instability. Zemen Bank has 3.6 billion Br paid-up capital raised from 6,728 shareholders, including its significant shareholders such as the National Insurance Company of Ethiopia (NICE) and Minaye Plc. It operates 80 branches and plans to add 30 in the next five years. The Bank, with its 32-storey headquarters in the capital's financial district, on Ras Abebe Aregay St., had generated 4.1 billion Br income, increasing by 43pc from the previous year. Over half of its income was raised from interest. The total asset portfolio for Zemen Bank stands at 35.1 billion Br, rising by 10 billion Br from last year. Its deposits accounted for 7.9 billion Br, showing a 45pc growth.
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