zemen bank

Zemen Bank Profits Exceed a Billion Birr

Ethiopian Business ReviewDecember 1, 2021152

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.

“Interest collected from disbursed loans took the major part of the generated income,” said Ermias Eshetu, Chairman of the Board of Directors.

Paid-up capital of the bank shows a growth of close to a billion Birr from the previous financial year—and is now around ETB2.7 billion.

Zemen Bank also mobilized 31.9Pct more deposits, to reach ETB4.6 billion from last year’s ETB 2.8 billion. Disbursed loans totaled ETB4.3 billion—showing a 44.3Pct growth.

Further, its headquarters’ construction is currently at 85Pct completion rate and its banking center numbers rose to 68.

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