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.

Over a decade old and known for its unique services, Zemen Bank has announced gross profit of ETB1.2 billion from an income of ETB2.8 billion during the financial year which ended June 30, 2021.

Dashen Bank—the 25-year-old private commercial bank—announced the appointment of five new senior officials looking to revamp its organizational structure and to address the departure of two senior officials, Henok Kebede and Yared Mesfin, to newly-establishing banks. 

Four positions were filled from within the bank and the fifth arrived from the Commercial Bank of Ethiopia, for which it got approval from the central bank. 

Among the pioneering private commercial banks, Dashen’s shareholders have decided to almost double the bank’s paid up capital to ETB12 billion. The 25-year-old bank was established with 11 shareholders which has grown to over 2,000 alongside a current capitalization of ETB5.4 billion. Moreover, Dashen has also announced that it has earned over ETB2 billion in profit from gross earnings of ETB10 billion from the last fiscal year which concluded on June 30.

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Dashen Bank has announced the launch of an exclusive partnership with American Express this week. The bank believes the products will significantly benefit overseas-travelling customers by enabling easy use of foreign currency during card transactions when travelling outside of Ethiopia.

Asfaw Alemu, CEO of Dashen Bank, said that as the payment industry continues to evolve and regulations start to relax, it has allowed travelers to make easy, secure, and convenient payments globally, avoid the potential risk of carrying cash, and give customers freedom when shopping. The bank’s customers that are allowed forex deposits are permitted to use this card.

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The Economic Commission for Africa (ECA) and International Chamber of Commerce (ICC) have jointly launched Centres of Entrepreneurship in Africa (CEA).

With strategic locations across Africa, the ECA – ICC Centres of Entrepreneurship will work with various stakeholders, including businesses, chambers of commerce, academic institutions, intergovernmental and governmental agencies, to connect local entrepreneurs to global markets and enhance regulatory conditions for SMEs to thrive.

Ethiopia is in preparation to set up one stop border service with Eritrea, in a bid to utilize Assab port.

“we have prepared customs protocol and the Ethiopian government has already submitted it to the Eritrean ministry of foreign affairs. We have finalized every preparation on Ethiopian side and we are waiting responses from Eritrean side,” said Debele Kabeta, commissioner of Ethiopian Customs Commission (ECC).

African import-export bank has approved USD500 million, which will be shared among 18 commercial banks in Ethiopia.

“I have also asked Afrexim bank to open office in Ethiopia,” said Yinager Dessie, governor of National Bank of Ethiopia (NBE), after launching a two-day technical discussion between Afrexim and Ethiopian banks, on how to utilize and return the loan.