Zemen Bank profit increases by 214 million Birr

Zemen Bank, one of the private financial service providers in Ethiopia, said its profit after tax for the budget year concluded June 30, 2021 has increased by close to 114 million Birr compared to the previous year.

The Bank has secured a total of 952,681 million Birr during the year ended June 30, 2021 showing increase by about 29 percent from the previous year, according to the brief financial report of the Bank, which held its general assembly last week.

During the reporting period, Zemen has collected a total of close to 1.8 billion Birr interest income showing an increment of about 325 million Birr from last budget year.

By June 30, 2021 the total assets of Zemen Bank have also mounted to 25.15 billion Birr from about 18.45 billion Birr the previous year. Likewise, the total liabilities of the Bank have also increased to to 20.66 billion Birr from 15.37 billion Birr the previous budget year.

And the total equity of Zemen Bank stood at 4.48 billion Birr by the end of June 30, 2021 from 3.12 billion Birr by June 30 2020.

Began operation in October 2008 as a technology centered branchless bank, Zemen Bank is one of the fast growing financial institution in Ethiopia. Revising its previous starategy over the past few years Zemen Bank has been opening branches across the country.