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Zemen Bank announced that it has earned 356 million birr in gross profit before tax in the past fiscal year.
The bank that is considered one of the youngest financial firms in the country stated that its profit after tax was 264 million birr, which is a 31 percent increase compared with 2015/16.
According to the statement that Zemen sent the Capital the Bank provided its shareholders 38.4 percent earnings per share in the 2016/17 financial year.
It said that the Bank has, over the past five years, managed to deliver to its shareholders an average earnings per share of 36.17 percent per year.
Zemen Bank’s assets rose by 31 percent, which is now close to 9.7 billion birr. “At the end of the year customer’s deposits reached a record 7.3 billion birr, a growth rate of 33.5 percent from the previous year, which is slightly above the 30 percent average deposit growth seen at industry level in the private banks,” the statement said.
The Bank generated gross revenue of 966 million birr during the year, a 38 percent increase from the previous fiscal year’s outturn of 703 million birr.
Loans rose to 4.16 billion birr, showing an increase of 22 percent over the last year. Foreign exchange inflows collected by the Bank rose to USD 360 million for the year, or an average inflow of USD 30 million per month, and an increase of 18.7 percent from the average monthly inflows of the previous year.
It has also stated that the capital adequacy ratio reached 32 percent of risk-weighted assets, or more than four times the regulatory requirement. The liquid assets to deposits was well above the regulatory requirement of 15 percent throughout the year and stood at 43 percent at end of June 2017.
Zemen bank currently has a paid up capital of 850 million birr which should increase to 1.125 billion birr in the current fiscal year.
In a related development Zemen bank in partnership with Enterprise Partners has launched a workshop to support the investment readiness of businesses and entrepreneurs in Ethiopia.
The project named Private Capital Advisory Facility is a fixed term facility designed to educate entrepreneurs and the business community about the benefits of external capital from investors. The program led by Zemen will ensure that local companies, which are looking for capital, understand the requirements, the processes and the preferences of investors before deciding on accepting external capital.
The project also aims to address the pitfalls of accepting investors and the challenges that entrepreneurs and the businesses community face during and after the investment process.