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).

Compared with the previous financial year annual gross profit of Hibret Bank, one of the sixteen active private banks in Ethiopia, has increased by over 15 percent to 1.13 billion Birr during the year concluded June 30, 2020.

Ethio Telecom, the fully state owned telecom monopoly in Ethiopia, has ‘harvested’ 22 billion birr (about $670 million at the current exchange rate) gross profit during the first six months from July 1 to December 31, 2019.

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.

Compared to the preceding budget year, the gross profit (before tax) of Dashen Bank, one of the biggest private banks in Ethiopia, has increased by 12 percent to about 1.28 billion birr (about $40.2 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.

During the budget year concluded June 30, 2019, Oromia Insurance Company (OIC) has registered a gross profit (before tax) of close to 92.4 million birr (around $2.9 million at the current exchange), which is up about 14% from the previous budget year.

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.