Ries Engineering Share Company, RESCO hosted an event at the Addis Ababa Golf Club, attended by notable figures including Engineer Habtamu Tegegn, Minister of Mines of the FDRE, and executives from Komatsu and Cummins. The gathering highlighted RESCO’s significant contributions to Ethiopia’s development over its 60-plus years of operation.

Wegagen Bank has announced an income of ETB 9.8 billion for the 2023/24 fiscal year, representing a significant 40% increase from the previous year. This record achievement was unveiled during the Bank’s 31st Ordinary and 15th Extra Ordinary Shareholders’ General Assembly.

Chairperson Abdishu Hussein emphasized the Bank’s robust performance, stating, “The remarkable achievement registered in all key performance indicators signifies the Bank’s resilience and proactive response to the global and domestic challenges encountered during the fiscal year.” The Bank also reported a gross profit of ETB 2.2 billion, reflecting 86% increase year-on-year.

In addition to its income growth, Wegagen Bank’s total capital rose to ETB 9.2 billion, a 33% increase from the previous fiscal year, while its paid-up capital increased by 27% to ETB 5.1 billion. The Bank’s earnings per share (EPS) also saw an improvement, reaching 36.89%, up from 22.70% the year before.

The Bank’s total deposits surged by 22% to ETB 52.1 billion, while outstanding loans and advances grew by 13% to ETB 45.1 billion. Abdishu noted that the Bank created 5,426 jobs across the nation and contributed ETB 75 million to socio-economic development initiatives.

CEO Aklilu Wubet (PhD) acknowledged the challenges faced in the current business environment but credited the Bank’s adaptability for its success, stating, “We will closely monitor dynamic policy shifts to ensure sustainability in our growth.”

From October 31 to November 2, 2024, the Millennium Hall in Addis Ababa, Ethiopia, will host a significant event: the 13th Ethio Poultry Expo (ETHIOPEX), the 9th Africa Livestock Exhibition and Congress (ALEC), the 4th Apiculture and Aquaculture Ethiopia Trade Show, and the newly launched Bio-Energy Trade Show. Organized by Prana Events in collaboration with the Sudanese Expo Team for Service Co., Ltd, the expo aims to showcase the latest technologies and solutions in the animal husbandry sector.

Zemen Bank announced a pre-tax profit of ETB 3.77 billion for the 2023/24 fiscal year, reflecting a 36.8% increase from the previous year. This was shared during the bank’s Annual General Meeting at the Millennium Hall, where shareholders noted an Earnings Per Share (EPS) of 37.6%.

The bank’s total assets grew by 23.9% to ETB 59.2 billion, while customers’ deposits increased by 17.6% to ETB 43.61 billion. Loans and advances rose by 13.5% to ETB 35.63 billion, and foreign exchange inflows reached USD 566 million, averaging USD 47.2 million per month.

Dashen Bank announced that its total assets have reached ETB 183.7 billion, reflecting a growth of 27 % over the last financial year. The bank held its 31st regular and 26th shareholders’ meeting today at Millennium Hall, where it discussed its performance from the previous year, plans for the upcoming fiscal year, and other relevant issues.

The Cooperative Bank of Oromia has announced a strategic partnership with InFTF, an international humanitarian organization focused on inclusive finance. This collaboration has resulted in the launch of Ethiopia’s first blockchain-powered remittance service, making Cooperative Bank of Oromia the first bank in both Ethiopia and Africa to offer this innovative solution.