Zemen Bank's Profit Soars, Deposits Reach New High


Zemen Bank's Profit Soars, Deposits Reach New High

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.

[ssba-buttons]

Radar

Fresh Push to Help Farmers Get Covered & Cash In

The Ministry of Agriculture has established the Rural Finance Service Unit (RFSU) to coordinate and expand agricultural insurance nationwide. Announced on Tuesday at the 2025 UNDP Financial Resilience in Agriculture Community of Practice forum (held at the UN Economic Commission for Africa headquarters), the RFSU is supported by UNDP, JICA, and other partners with funding from the Bill & Melinda Gates Foundation. Agriculture Minister Girma Amente (PhD) and State Minister Sofia Kassa attended...


Radar

Mission 300 Gains Momentum as Ethiopia Charts Path to Energy Equity

The Government has developed a National Energy Compact with the goal of achieving universal electricity access by 2030. The strategy, led by the Ministry of Water & Energy (MoWE), outlines Ethiopia's commitment to reaching 100pc energy access for its population within the next five years. According to State Minister for Energy Development Sector Sultan Woli, the compact was prepared in collaboration with key development partners, including the World Bank Group and the African Development...


Radar

Rammis Bank Commences Mobile Application, Card Banking Services

Rammis Bank has launched its mobile banking application and card services as part of its digital expansion drive. The "Rammis Mobile App" was officially introduced during a launch event held on Saturday at the Grand Eliana Hotel. The app allows users to transfer funds at any time, pay bills, top up mobile airtime, and send money to telebirr wallets for themselves or others. The newly introduced card service enables customers to withdraw cash from any ATM and make payments via Point of Sale (P...