Global Bank Ethiopia has announced a pre-tax profit of 1.03 billion birr for the last fiscal year, marking a significant achievement in the bank’s growth trajectory. The bank reported impressive revenue exceeding 4 billion birr, reflecting a robust increase of 37% compared to the previous year.
Despite facing challenging economic conditions both locally and globally, Global Bank’s CEO, Tesfaye Boru, highlighted the bank’s ability to save over 1 billion birr before taxes and other deductions during the current fiscal year. “This remarkable performance demonstrates our resilience and commitment to navigating the complexities of the financial landscape,” he stated.
According to the bank’s report, its paid-up capital reached 2.48 billion birr, representing a 22% increase from the previous year. Additionally, deposits surged to 18.22 billion birr, showcasing strong customer confidence in the bank’s services.
The net profit for the year was recorded at 757.5 million birr, with a notable dividend yield of 33.2%. The bank issued loans totaling 15.7 billion birr during the fiscal year, maintaining a low default rate of just 2%.
In a move to bolster its operational capabilities, Global Bank announced that it has acquired over 5,550 square meters of land from the Addis Ababa City Administration in the Mexico area for the construction of its new headquarters. This strategic investment is expected to enhance the bank’s infrastructure and service delivery.
Global Bank Ethiopia’s strong financial performance and strategic initiatives underscore its commitment to growth and customer satisfaction in an evolving economic environment. As it continues to expand its operations and enhance its service offerings, the bank remains poised to play a pivotal role in Ethiopia’s financial sector.
