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Zemen Bank may not have many branches as others but that didn’t stop them from earning 36 percent more than they did in the last fiscal year. The bank announced a profit of 165 million birr before tax during the 2013/14 fiscal year, compared with profits of 123.8 million birr a year ago.
The statement that that bank sent to Capital indicated, Zemen earned 128 million birr profit after tax. In the 2012/13 fiscal year the bank earned 94 million birr profit after tax.
“The growth in after-tax profits for the just completed fiscal year was 36 percent, compared to a profit growth of 9 percent in the previous year,” the bank statement explained.
With these financial results, the bank provided its shareholders with earnings per share of 32 percent in 2013/14. According to the statement, including last year’s performance, the bank has, over the past five years, managed to deliver to its shareholders average earnings per share of 45 percent per year.
In the 2011/12 fiscal year, the bank delivered a 58 percent earnings-per-share return to its shareholders.
The overall asset base of the bank rose by 21 percent and is now close to 4 billion birr. Deposits rose from 2.5 billion birr to 3 billion birr, for a growth rate of 22 percent, which is slightly above the 21 percent average deposit growth seen at private banks.
Loans rose to 1.43 billion birr, showing modest growth this past year following several years of rapid increases. The gross loan in the 2012/13 fiscal year was 1.4 billion birr, which shows, loan allotments have gone up slightly compared with the previous year.
Foreign exchange inflows collected by Zemen Bank rose to USD 287 million for the year, or an average inflow of USD 24 million per month, and an increase of 8 percent from the previous year.
The Bank has maintained a strong financial standing in terms of both its capital base and liquidity position: the capital adequacy ratio reached 37 percent of risk weighted assets, or more than four times the regulatory requirement, while the liquidity ratio showed a similarly comfortable position with liquid assets at 38 percent of total assets. The bank’s cumulative purchase of government securities (NBE Bills) is now standing at 947 million birr.
In the past fiscal year excluding its headquarter, the bank has opened four branches in Adama, Dire Dawa, and Hawassa and an additional one in Addis Ababa.
Zemen Bank’s ATMs are now being used by 30,000 customers every single month who make as much as 2 million birr in cash withdrawals in a single day. Internet Banking is addressing the banking needs of several thousand customers on a monthly basis, many of whom take advantage of this convenient channel to conduct electronic fund transfers to other accounts. The bank’s corporate payroll service, which processed over 165 million birr in salary payments for the year, is benefiting over 13,000 employees, ranging from field workers at the nation’s largest commercial farms to the staff of large corporate companies, embassies, and international organizations within Addis Ababa.
The Bank’s distinctive Doorstep Banking service has handled more than 605 million birr in transactions last year and continues to assist many local and foreign companies improve their cash and treasury management functions.
International VISA card usage at the bank’s ATMs is steadily rising, with over 127 million birr in transactions conducted by foreign cardholders at the bank’s ATMs last year.