|
|
Ethiopia: State Bank to expand more branches in South Sudan
By Tesfa-Alem Tekle May 10, 2012 (ADDIS ABABA) – The state-owned Ethiopian Commercial Bank (ECB), said it will open more branches in main towns of South Sudan including one in Upper Nile State going operational in weeks. ECB was granted regulatory ...
|
|
|
Ethiopian Banks May Be Less Profitable as Deposit Growth Slows
|
|
|
Nib Bank Sells Own Shares to Public at 40pc Premium within Half Day
In a manner that has stunned industry observers, Nib International Bank (NIB) has pulled out all the stops, registering a successful sale of 80,000 shares within half a day, even with a 40pc premium over the original share price offered to the public.
|
|
|
Nib Int’l Bank Shares Attract Only One Bidder for CBE
Unlike previous auctions of shares of banks, an attempt to sell 555,000 Br worth of shares of Nib International Bank (NIB) by the Commercial Bank of Ethiopia (CBE) was cancelled on Thursday, November 1, 2011, for lack of sufficient interest.
|
|
|
Ethiopian Court Order Liquidates Eritrean Owned Bank
2merkato - Ethiopian Business Portal
A federal court in Ethiopia ordered Horn International Bank to be stricken from the commercial register last Wednesday. Horn International Bank was under formation by Eritrean majority share holders before the outset of the Ethio-Eritrean war. ...
|
|
|
Awash Bank Shuns Court Case during Assembly
The recent suit brought against Awash International Bank (AIB) by five shareholders was a taboo at its 16th annual general assembly held on Saturday, November 16, 2011, at Hilton hotel.
|
|
|
Record profit for Wegagen Bank
Wegagen Bank earned a record net profit of 323.2 million birr last fiscal year; a 44.7 percent increase from the previous fiscal year.
Bank President Araya Gebre Egziabher added that the bank also paid a profit tax of 134.8 million birr from the gross profit of 458.1 million birr.
Hailu Woldegebriel Board Secretary and Executive Assistant of the Bank said they have submitted nine nominees to the National Bank of Ethiopia (NBE) for approval. They will choose the board chair after the individuals are approved by NBE.
The potential board members include: Sebhat Negga, Tefera Molla, Abdishu Hussein,
Read more...
|
|
|
AfDB’s relation with Ethiopia in good shape: Bank President
African Development Bank Group (AfDB) President Dr Donald Kaberuka said the relation between Ethiopia and the bank is in good shape. The president held discussion with Prime Minister Meles Zenawi. After the discussion the AfDB president told journalists that the bank is providing loan and development aid for Ethiopia’s development endeavors. He mentioned the support of the bank for power generation, transmission projects in the country. The president said the bank is one of the major development partners of Ethiopia and it would extend support for the development endeavors of the country in the future. He said the discussion with the
Read more...
|
|
|
AfDB’s relation with Ethiopia in good shape: Bank President
African Development Bank Group (AfDB) President Dr Donald Kaberuka said the relation between Ethiopia and the bank is in good shape. The president held discussion with Prime Minister Meles Zenawi. After the discussion the AfDB president told journalists that the bank is providing loan and development aid for Ethiopia’s development endeavors. He mentioned the support of the bank for power generation, transmission projects in the country. The president said the bank is one of the major development partners of Ethiopia and it would extend support for the development endeavors of the country in the future. He said the discussion with the
Read more...
|
|
|
Lion Bank nets 43.74 mln birr
Lion International Bank Share Company announced a net profit after tax of about 43.75 million birr for the 2010/11 fiscal year an increase of more than four million birr from the previous fiscal year.
The bank’s profit after taxation and legal reserve stipulated by the National Bank of Ethiopia was more than 32.8 million birr, also an increase of more than three million birr from the previous fiscal year. The bank’s gross profit stood at 61.8 million birr.
Berhanu Gebremedhin Chairman of Board Directors at LIB said that the gross and net profit of the bank registered an increase
Read more...
|
|
|
DBE takes over another flower farm
The state owned Development Bank of Ethiopia (DBE), has taken over another flower farm after the client defaulted.
When the flower industry began to blossom a few years ago the government gave large amounts of loans from the Development Bank to the horticultural sector.
According to sources at DBE, Fiyori Ethiopia plc, grew roses on four hectares of land. It had been owned by three investors and located around Holeta Genet town, 44km west of Addis Ababa. That area is a prime location for horticulture cultivation which has been rapidly expanding over the past seven years. Since last month
Read more...
|
|
|
NIB purchases over half a bln birr worth NBE Bills
Nib Bank has purchased over 563.2 million birr worth of National Bank of Ethiopia’s (NBE) Bills for the past fiscal year following the government’s directive for all commercial banks to buy NBE bills worth 27 percent of their loan disbursements.
NIB has also paid out 190 birr per share for its share holders. The bank previously paid 188 birr per share in the 2009/2010 fiscal year.
Nib has generated a total income of 656.6 million birr, registered 344.1 million birr gross profit and its net profit stood at 246.4 million birr in the 2010/11 budget year. The bank
Read more...
|
|
|
Nib Bank Profits while Shareholders Earnings Stays Same Due to Capital
Despite registering a 246.4 million Br profit after tax in the previous fiscal year, the Earning per Share (EPS) of Nib International Bank (NIB) stayed the same, hovering at 38pc.
|
|
|
Report Finds Ermiyas, Zemen at Fault
The audit of Zemen Bank, conducted by the Audit Services Corporation (ASC), hired by the central bank, has brought the eight-month saga that saw Ermiyas Amelga, CEO of Access Capital Services, banned from the board chairmanship of the bank, to an end.
|
|
|
Dashen makes unprecedented 451 million birr
Dashen Bank Share Company made 451 million birr last year which is 127 million more than last year. The banks expenses also rose to 652 million birr.
‘When we formed the bank, people were skeptical about people’s willingness to deposit money in private banks coming just from a regime which allowed only mono banking but today we have 810,000 customers making deposits,” President Leulseged teferi told the press conference.
He added that Dashen bank has plans to loan around four billion birr this fiscal year. The bank’s outstanding loans and advances in the just concluded fiscal year reached 6.1
Read more...
|
|
|
Huge Profits for United Bank
United Bank S.C registered a net profit of 231.8 million birr in the last fiscal year. The bank has also bought bond worth 806.8 million birr from the National Bank of Ethiopia as per the newly introduced regulation that forces banks to buy bonds worth 27 percent of the total disbursed loans.
According to the bank’s annual report, in the last fiscal year United bank loans and advances amounted to 3.3 billion birr 25.4 percent higher than the previous year performance, where loans and advances had been 2.61 billion birr.
When the NBE lift the two year long
Read more...
|
|
|
Enat Bank Appoints Third Female President for Industry
The board of directors of Enat Bank have appointed Birtukan G. Ezgi to be the founding president of the bank and have submitted her name to the Central Bank for approval.
|
|
|
NIB, IFC come together to help coffee farmers
Nib International Bank and the International Finance Corporation (IFC) signed an agreement on October 13 to add 10 million more dollars to an already existing risk-sharing arrangement.
The money is being used to help 45 thousand farmers in 62 cooperatives in the SNNP and Oromia states. Previously they had worked together to provide a 10 million dollar facility for coffee farmers. IFC is a private arm of the World Bank that works to help the private sector grow in developing countries.
Amerga Kassa, president of Nib International Bank said TechnoServe, an international, non-profit, non-governmental organization funded by Bill Gates, which
Read more...
|
|
|
Enat to start operation in six months
Enat Bank Share Company, which claims to be the first bank catering to women plans to begin operation in six months.
The bank is currently waiting for the National Bank of Ethiopia (NBE) to approve its board members and for the share holders to complete the necessary legal paperwork.
According to Abraham Alaro, Project Manager at Enat Bank, 11 board nominees were chosen at a general assembly meeting. NBE will likely choose the nominees from the pool of names given to them by Enat.
Last month a new rule was established by the NBE that states banks
|
|
|
Lion’s Profit not so Profitable to Shareholders
Lion International Bank (LIB) reported a modest increase in profit after tax of 43.7 million Br for the 2010/11 fiscal year; a 10.4pc increase from last year. However, the earning per share (EPS) shareholders would receive decreased by 12.9pc t0 4.4 Br per value of 25 Birr shares.
|
|
|
BIG SLICE OF THE CAKE - Habesha Cement signs 1.5 billion birr loan
Eskinder Desta (center), promoter of Habesha Cement, looks jubilant as he shakes hands with Tadesse Hatiya, vice president for credit service of the Development Bank of Ethiopi (DBE) after signing a 1.5 billion Br loan, the single largest financing extended to a private sector company, on Friday, September 30, 2011 at Intercontinental Hotel. The amount is 70pc of the estimated cost of Habesha’s plant. Chinese Northern Heavy Machinery Industries Shenyang Co Ltd (NHI) was awarded the construction of the factory, which will rest at 30 hectare of land in Holeta, 35km, west of the capital in Oromia Regional State. When it starts operation, Habesha will be the third largest private cement producer in the nation next to the state owned Mughar Cement and the Endowment Fund for the Rehabilitation of Tigray's (EFFORT) Messobo, injecting 1.4 million tonnes on annual basis. Ethiopia Electric Power Cooperation (EEPCo) has guaranteed the supply of 25mw of electric power at a cost of 1.7 million dollars for the cement factory to be in operation in 20 months time.
|
|
|
Bank Formulates Better Way to Clear High Value Checks
The National Bank of Ethiopia (NBE) circulated a procedural letter to Banks on September 19, 2011, to facilitate the speedy exchange and transfer of cheques with amounts greater than 200,000 Br using an interbank payment system, which it is calling SWIFT cheque value transfer.
|
|
|
Habesha Brewery to Request 358m Br from DBE
Habesha Brewery is going to ask for financing of 70pc of the total estimated cost the constructing its plant from the Development Bank of Ethiopia (DBE) after signing a turnkey project of 510.7 million Br contract with Lehui Food Machineries, a Chinese company, on Friday, September 30, 2011. Habesha expects to submit the request for the 357.5 million Br in the next ten days.
|
|
|
ZemZem to Appeal Directive on Interest Free Banking
ZemZem, a bank under establishment for the sole purpose of providing an interest-free banking service, is to appeal a directive issued by the central bank, which indirectly forces it to have a conventional banking operation.
|
|
|
Zemen Bank’s record profit earnings
Zemen Bank has recorded 84.7 million birr net profits, which is close to double the level of the previous year, and equivalent to earnings per share of 58 percent.
The bank’s gross profit is 121 million birr in the 2010/11 fiscal year based on an audited financial report. A year ago (2009/10 budget year), Zemen registered 41.8 million birr net profit, while profit earnings per share were 38.7 percent.
Supporting the bank’s financial results was the rapid growth in all key operational measures. Deposits rose by close to 70 percent during the year, rising from 688 million birr to
|
|
|
Zemen Doubles Profits to 94m Br in 2011
Despite a year-long battle with the National Bank of Ethiopia (NBE) over the procedure of its establishment and appointment of board of directors during its second shareholders meeting, Zemen Bank still managed to double its profit after taxes, from 29 million Br to 63.5 million Br in the just- ended fiscal year.
|