New Business Ethiopia

The profit of all the 16 private banks in Ethiopia for the first time exceed the profit of the state owned giant Commercial bank of Ethiopia during the budget year concluded June 30, 2020.

Addis International Bank, one of the private financial institutions in Ethiopia, has made a gross profit (before tax) of 205.2 million birr (about $6.5 million at the current exchange rate) during the year concluded June 30, 2019.

As compared to the previous year, the annual profit before tax of Zemen bank, one of the financial institutions in Ethiopia, has soured by 87 percent to 635 million birr (about $20 million at the current exchange rate) during the budget year ended June 30, 2019.

During the budget year concluded June 30, 2029, the annual profit before tax of Abay Bank Share Company, one of the private financial institutions in Ethiopia, has grown 63 percent compared to the previous year.

Compared to the preceding budget year performance, annual gross profit (before tax) of Lion International Bank (LIB), one of the local private banks in Ethiopia, for the budget year ended June 30, 2019 surges 45 percent to 695.5 million birr (about $21.9 million at the current exchange rate).

Compared to the proceeding budget year, Earnings per share of Oromia International Bank (OIB), one of the private banks in Ethiopia, has dropped by 29 percent to 374 birr (about $ 11.8 at the currency exchange rate) for par value of 1,000 birr (about $31.5) during the budget year concluded June 30, 2019.

Compared to the previous budget year annual gross profit of Awash Bank for the year ended June 30, 2019, has grown up by about 1.381 billion birr (about $43.4 million at the current exchange rate).

Compared to the previous year the net profit of Cooperative Bank of Oromia (CBO), one of the private banks in Ethiopia, has increased by 29.2 percent reaching 666.7 million birr (about $21 million at the current exchange rate) during the budget year ended June 30, 2019.