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Zemen Bank announced that it is floating shares worth 100 million birr to increase its capital.
Ermias Eshetu, Vice President of Marketing and Corporate Services of Zemen Bank, told Capital that it is initially offering the purchase of the shares to its shareholders, which number around 3,000 and any remaining shares will be available to the public.
Zemen Bank earned a gross profit of 123.8 million birr in the 2012/13 fiscal year based on audited financial results showing an increase of 800,000 birr when compared to the preceding year.
Meanwhile the bank plans to open expand in other cities and open up branches outside Addis Ababa.
The bank’s financial report indicated that net profits after taxes were 94.1 million birr, an increase of 9 percent from the previous fiscal year.
Even though the gross profit it registered is almost the same as in the 2011/12 fiscal year, the net profit after taxes showed an increase of almost 8 million birr. Zemen Bank’s statement indicated that with these financial results the earnings-per-share was 41 percent for the past fiscal year. Including last year’s performance, over the past four years it delivered an annual average earnings-per-share of nearly 50 percent to its shareholders.
In the 2011/12 fiscal year, the bank delivered a 58 percent earnings-per-share return to its shareholders, which indicates that earnings-per-share for the past year shrunk by 17 percent.
In terms of deposits and loans, the bank has shown tremendous growth, with deposits increasing by 40 percent during the year, from 1.8 billion birr to 2.5 billion birr, while gross loans reached 1.4 billion birr in June 2013, compared to 1 billion birr a year earlier.
Foreign exchange inflows collected by the bank rose to USD 265 million for the year, an average of USD 22 million per month, and the increment is 46 percent more than the previous year’s.  
The one challenge the Zemen faced during the past fiscal year was the management of non-performing loans, but progress has been made in this area and the stronger controls that have been put in place are showing positive results for the period ahead.
Among the notable accomplishments of the past year, Zemen Bank highlighted the rapid growth in the usage of its multiple, non-branch service delivery channels. The rollout of banking kiosks remains in place.  Zemen has six such banking service centres that are mainly dedicated to large corporate clients such as embassies, airlines, and large commercial farms.
Usage of other service delivery channels such as ATMs, Internet Banking, and Corporate Payroll services have also expanded: Zemen Bank’s ATMs are now being used by over 30,000 customers every single month who make over 31 million birr in monthly cash withdrawals; Internet banking is being utilized by over 4,000 customers per month to fulfil their banking needs, including electronic fund transfers to other accounts, and specialized Corporate Payroll services are benefiting over 13,000 employees, ranging from field workers at the nation’s largest commercial farms to the staff of international organizations within Addis Ababa.   
The year before (the 2011/12 fiscal year), Zemen Bank’s ATMs were being used by over 12,000 customers every month who made over 19 million birr in monthly cash withdrawals, and internet banking, which was being utilized by over 3,700 customers per month to fulfil their banking needs, including electronic fund transfers to other accounts. The bank’s specialized Corporate Payroll services benefitted over 12,000 employees.