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Despite losing two vice presidents in August, Zemen Bank has registered an astonishing performance in the past financial year.
The bank statement that Capital obtained indicated that its pre-tax profits were 270 million birr in the 2015/16 fiscal year.
After tax the bank took in 203 million birr an amount that is 33 percent higher when compared to last year’s 153 million birr.
Earnings per share stood at 36.7 percent for the fiscal year. “The bank continued its record of delivering profits to its shareholders, as seen from the five-year average earnings per share return of 40 percent per year,” the bank statement added.
The bank’s financial results in 2015/16 reflected a macro-economic setting that presented a mix of opportunities and challenges.
According to Zemen’s statement, the demand for banking services, especially loans, remained high even though Ethiopia’s economic growth during 2015/16 was 8 percent compared to 10.2 during the previous year.
In the stated period the overall asset base of the bank rose by 34 percent and is now close to 7.4 billion birr.
Deposit mobilization was also something the bank excelled in.
The report shows that deposits rose significantly from 3.8 billion birr to 5.4 billion birr, a growth rate of 44 percent. The loans and advances increased from 2.2 billion to birr 3.4 billion, showing a 33 percent increase.
The foreign exchange inflows increased by USD 66 million to reach USD 302 million from just USD 236 million in the past year.
According to the report, the paid-up capital of shareholders reached 650 million birr during the year.
Zemen has opened three new banking centers in Addis Ababa around CMC, Piassa and Old Airport. In addition, Humera Banking Center was also inaugurated during the just finished fiscal year, adding to a total of twelve branches and six sub-branches.
The financial sector regulatory body, National Bank of Ethiopia, had suspended Helaway Tadesse Senior Vice President, and Sebhat Belayneh, Vice President for Finance and International Banking, from their long serving position at the bank accusing both of giving favorable loans to two businesses.