New Business Ethiopia

Awash Bank Share Company of Ethiopia, one of the first private banks in Ethiopia after the current regime came to power in 1991, announced before tax profit of 4.2 billion birr ($113.5 million at current exchange rate) during the budget year concluded June 30, 2020 (2019/20).

The three state enterprises in Ethiopia engaged in providing financial services have made 10.7 billion birr (about $332.1 million at the current exchange rate) profit before tax during the first six months of Ethiopia’s current budget year started July 8, 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.

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 previous financial year, the annual income of Enat Bank, one of the private banks in Ethiopia, has increased by 233 million birr ($7.3 million at the current exchange rate) during the year ended June 30, 2019.

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 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).