Executives of Zemen Bank have announced a record-high profit for the ended fiscal year. The Bank netted 2.39 billion Br, a 32pc jump from the previous year, fueled by increased deposits and a strong performance in its core banking operations. Total revenues for the year reached 7.7 billion Br, while assets grew by 23.9pc to 59.2 billion Br. Deposits mobilised increased by 17.5pc to 43.6 billion Br, and outstanding loans and advances rose by 13.5pc to 35.63 billion Br. Despite the impressive profit growth, earnings per share (EPS) declined to 37.6pc from the Bank's five-year average of 44.3pc. However, the Bank's CEO Dereje Zenebe, noted that the paid-up capital has surpassed the minimum requirement set by the central bank to 7.4 billion Br. In terms of foreign exchange, Zemen Bank mobilised 566 million dollars, representing a 7.3pc increase. The Bank's liquidity ratio remained well above the regulatory requirement of 15pc, reaching 32pc. The Bank's doorstep banking service continued to be successful, with 2,970 journeys made to collect over 900 million Br and 110,000 dollars. Board Chairperson Enye Bemir expressed optimism about the Bank's future, citing increased government spending as a potential driver of economic growth and increased aggregate demand.
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