Bunna Bank has announced a remarkable milestone, with its total assets surpassing 54.53 billion birr, reflecting an increase of 8.14 billion birr in the current fiscal year. This achievement comes as the bank held its 15th Annual General Meeting of Shareholders, where it also reported a pre-tax profit of 930.1 million birr for the year.

Founded 15 years ago, Bunna Bank has grown to serve over 14,000 shareholders and employs more than 4,100 permanent staff across its 474 branches nationwide. The bank’s paid-up capital also saw a significant rise, growing by 549.2 million birr to reach a total of 4.83 billion birr.

During the meeting, Ambassador Alemayehu Sewagen, Chairperson of the Board of Directors, presented the bank’s annual report and highlighted the various challenges facing Ethiopia’s banking sector. High inflation rates, foreign exchange shortages, and overlapping regulatory guidelines have posed significant obstacles to financial institutions. Despite these issues affecting loan distribution and deposit collection, Bunna Bank has managed to maintain its profitability and competitive edge.

The bank mobilized a total of 43.87 billion birr in deposits during the fiscal year, marking a 20% increase from the previous year. The breakdown of deposits included 2.79 billion birr from savings accounts, 1.55 billion birr from demand deposits, and 2.62 billion birr from time deposits.

In terms of service expansion, Bunna Bank reported that it installed 200 cash payment machines at various locations including branches, hotels, and commercial service points during the fiscal year. The number of card banking users increased to 413,892, with transactions totaling 1.39 billion birr processed through these machines.

Ambassador Alemayehu emphasized the bank’s commitment to enhancing digital banking services and resource mobilization as part of its strategic focus moving forward. The bank provided loans amounting to 4.1 billion birr across various sectors of the economy, increasing its total lending volume by 11.8% to reach 38.87 billion birr.

However, Bunna Bank faced challenges in foreign exchange earnings due to a decline in exports and remittances from abroad, which totaled $167.6 million for the year ending June 30, 2024.

The bank’s leadership is also implementing a comprehensive risk management program in line with the National Bank of Ethiopia’s standards and has approved a five-year corporate strategic plan for 2023-2027 aimed at further strengthening its operations.

In a significant development for the Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA), Zahara Mohammed has been elected as the new president following the conclusion of the Chamber’s 18th regular general meeting. This marks a historic moment as Zahara becomes the second female president to lead the council since its establishment in 2018.

The election, held on January 17, 2025, saw Zahara Mohammed secure her position with an impressive 355 votes. She will serve a two-year term, succeeding Mesenbet Shenkute, who has held the presidency for six years. Mesenbet was first elected during the 14th General Assembly in October 2018 and was re-elected in subsequent years. However, at this latest assembly, she stepped down, paving the way for Zahara’s leadership.

Alongside Zahara, Abebe Gurmesa was elected as Vice President, further solidifying the leadership team for the next term. The newly elected board members include Sarah Solomon, Addisu Getaneh, Damte Dagne, Zahara Ahmed, Mesfin Gared, Girumnesh Yimer, Habtamu Hailu, and Aycheluhem Kebede.

This election is particularly noteworthy as it represents a shift towards greater inclusivity within the AACCSA. For the first time, the entire community participated in electing its leadership. Previously, board members were selected by a smaller group of insiders, leading to calls for reform and transparency within the organization. The recent changes come after months of discussions and an audit aimed at addressing internal issues within the Chamber.

Habiba Siraj, Head of the Trade Bureau of the Addis Ababa City Administration, highlighted that there are currently 483,000 licensed traders in Addis Ababa and emphasized the importance of strong organizations to support these traders. Buzena Siraj, Speaker of the House of the Addis Ababa City Administration Council, echoed this sentiment by stressing that a robust private sector is essential for sustaining economic growth.

The AACCSA’s leadership transition is seen as an opportunity for revitalization and reform within Ethiopia’s business community. As Zahara Mohammed takes on her new role, there is hope that her presidency will stimulate positive changes and foster a more dynamic environment for commerce and trade in Addis Ababa and beyond.