New Business Ethiopia

Compared with the preceding year, the annual gross profit of Zemen Bank Share Company, one of the 16 private banks in Ethiopia, has surpassed one billion Birr for the financial year concluded June 30, 2020. The Bank’s gross profit has increased to 1.04 billion Birr growing by 388 million Birr (59 percent).

During the financial year concluded June 30, 2020, Wegagen Bank, one of the private banks in Ethiopia, has reported annual gross profit of close to 1.07 billion Birr – 46 percent up from the preceding budget year.

Compared with the previous year’s performance, gross profit of Nib International Bank, one of the 16 private banks in Ethiopia, has increased by 381.2 million Birr for the budget year concluded June 30, 2020.

Dashen Bank Share Company, one of the 16 private banks operating in Ethiopia, has reported annual gross profit of 1.79 billion Birr during the financial year concluded June 30, 2020.

Compared to the previous year, annual profit of Bunna International Bank of Ethiopia has declined by about 43 million Birr (about 6 percent).

The National Bank of Ethiopia (NBE), financial sector regulatory body of the country, today passed a directive that allows local banks to borrow from foreign banks.

Goh Betoch Bank, a new financial institution that aims to reintroduce mortgage banking (loan for housing construction) in Ethiopia, offers its share to the public.

The House of Peoples’ Representatives (Ethiopian Parliament), in its second urgent session today, has approved draft proclamations of banking.