Enat Bank passed the financial year 2020/21 with gross profits of ETB289 million. This is despite liabilities facing the bank including an ETB241.4 million guarantee bond on behalf of Tekleberhan Ambaye Construction PLC (TACON) for which it managed to pay ETB71.1 million.
Siinqee Bank, the former Oromia Credit and Saving SC, total capital jumped by 175Pct to ETB7.7 billion from last financial year’s ETB 2.8 billion. The former micro-financer turned full-fledged commercial bank as of May 2021 grew its paid-up capital to ETB4.4 billion.
Marathon Motors launched Ethiopia’s very first electric vehicle charging station and the Hyundai Ioniq and Kona EV fully-electric automobiles at the Hyundai Marathon Motor Vehicle Assembly Plant in the outskirts of the capital. The two charging stations are capable of fully charging an electric Hyundai vehicle in 15 minutes and will give service to company employees already driving electrified Hyundai cars.
Abay Bank grew its gross profit to exceed last financial year by 80Pct to reach ETB1.15 billion—exhibiting a growth of ETB513 million.
The ten-year-old bank earned a total income of ETB3.4 billion, a 63Pct growth from last year with interest income constituting 72Pct. ETB2.3 billion was registered as expense, of which 54Pct were salary and benefits and 4Pct was disbursed as interest on deposits.
The Bank of Abyssinia (BoA) has exceeded the central bank’s minimum requirement to arrive at a paid-up capital of ETB5.18 billion. Profits before tax reached ETB2.05 billion from total earnings of ETB10.2 billion. Of ETB8.15 billion in expenses, 33Pct was in the form of interest payments.
Ethiopia’s imports amounted to USD14.1 billion in 2020, 13.9Pct lower than in 2016 and 9.3Pct lower than in 2019 and 2020. Based on average exchange rates for 2020, the Ethiopian Birr has depreciated 60.7Pct against the US dollar since 2016 and by 7Pct between 2019 and 2020. Imports paid in relatively stronger US dollars are thus more expensive for Ethiopian buyers.
It has been one year since the Tigray People’s Liberation Front (TPLF), labeled as a terrorist group by Parliament, attacked the National Defense Force stationed in Tigray Region. Ever since the attack and the ensuing military engagement and all its baggage, the state of the economy seems to have arguably missed the attention it deserves.
As mental illness continues to challenge society, government institutions and private citizens are contributing to possible remedies. Even when daunted by mistaken public awareness and infrastructure shortages, the use of art is lending a hand in the fight against the growing public health challenge, writes EBR’s Trualem Asmare, where she finds dedicated individuals tackling the issue with their artistic hands and minds.
The current democratic movement that has engulfed Ethiopia must be supported by economic reforms and democratic system. The two are intimately connected: you can’t have one without the others. Democracy is the best form of government for economic progress. But if the economy is not improving, the flag-bearers of democracy among the populace will make U- Turn. The Ethiopian youth do not “eat democracy”; at the end of the day they need jobs, income, food and housing for themselves and their dependants.
Prime Minister Abiy Ahmed (PhD) invited opposition party leaders when he formed his new cabinet last October. Perhaps looking to freshen up the workings of the Ministry of Education, where many would agree infrastructure is relatively present but implementation and focus on quality have been highly lacking, Abiy installed Berhanu Nega (Prof.), a venerated educator and opposition figure. Such opposition leaders must see the appointment beyond its political implications and realize that the country faces real challenges that require their technocratic attention, writes EBR’s Addisu Deresse.
Ethiopian Business Review
Hemen Asmare
Tsegaye Tegenu (PhD)
Addisu Deresse