Ethiopian Development Bank Reports 258% Profit Growth in Q1

The Ethiopian Development Bank (EDB) has reported strong performance for the first quarter of the fiscal year, achieving a profit of ETB 1.2 billion, a 258% increase compared to the same period last year. This milestone was discussed during the quarterly performance review conducted by the Bank’s Board of Directors, attended by officials from the Ministry of Finance, public enterprise regulators, and Board members.

Dr. Shimels Araya, Director of Strategic Planning and Change Management, highlighted key achievements, including significant loan disbursements in agriculture, mining, and energy, as well as improved loan collections from the manufacturing and agricultural sectors. The bank also recorded a 19% growth in bond sales.

Dr. Emebet Melese, President of EDB, emphasized the bank’s commitment to aligning with government reforms and leveraging growth opportunities. “We are strengthening research capabilities to guide our operations and ensure profitability while addressing challenges from economic reforms,” she stated.

The first quarter also demonstrated a 10.2% increase in public enterprise performance and a 3.9% rise in loan collections compared to last year. The bank’s engagement in supporting small and medium-sized enterprises was also noted.

Officials reaffirmed their support for EDB’s initiatives, urging continued collaboration with the government to tackle challenges and sustain growth.