November 4, 2024

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Zemen Bank earned more profit this year as compared to the previous

Zemen Bank Reports 32% Increase in Profit for the Last Fiscal Year

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Zemen Bank has recently announced a financial milestone, reporting a net profit of over 2.39 billion birr for the last fiscal year. This marks a significant achievement for the bank, which has been part of the Ethiopian banking landscape for 16 years. The profit reflects an increase of 579 million birr, or 32%, compared to the previous year.

The total assets of Zemen Bank have also grown substantially, rising by 23.9% to reach 59.2 billion birr. Customer deposits have surged to 43.61 billion birr, showcasing the bank’s ability to attract and retain clients.

During its 16th regular general meeting of shareholders, Zemen Bank reported an increase in its capital to 7.5 billion Birr, which is 2.45 billion Birr higher than the previous year. The total signed capital now stands at 14.97 billion birr.

Zemen Bank’s CEO, Dereje Zebene, expressed gratitude towards customers and partners for their continued support. The bank aims to enhance its services and expand its reach within Ethiopia’s evolving financial landscape. Currently, Zemen Bank operates with a network of 127 branches and numerous ATMs and point-of-sale machines, ensuring accessibility for its customers.

As Zemen Bank grows and adapts, it remains committed to innovation and resilience within Ethiopia’s banking sector. With a solid financial foundation and a focus on customer service, the bank is well-positioned to contribute significantly to the country’s economic development in the years ahead.

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