Zemen Bank Posts Annual Revenue of 2.1 Billion Birr

ADDIS ABABA – Zemen Bank, one of the private banks in Ethiopia, posted a 2.1 billion Birr revenue in the 2021/22 financial year, its annual report shows.

The amount is 95% of the 2.21 billion birr target officials of the bank set for the June 2022 ended year, according to the report.

The figure is also reletively less than its record annual revenue set in the preceding year which is 2.85 Billion birr.

Ermias Eshetu, Board Chairperson of Zemen, presented the bank’s annual report to 14th Annual General & 11th Extraordinary shareholders Meeting on Saturday.

His report shows, Zemen’s deposits and loans reached 26.9 billion Birr and 21.4 billion Birr, respectively, during the 2021/22 fiscal year.

Total forex inflow during the fiscal year reached $501 million, beating its record set in the preceding year at 418.4 million.

Zemen has surrendered $218 million of the total forex to National Bank of Ethiopia, said the board chair.

The report says Zemen Bank’s asset base reached Birr 35.1 billion in the June 2022 completed fiscal year.

The paid up capital of the bank grew from 2.75 to 3.64 billion by the end of June 2022.

The figure is yet to reach the Birr 5 Billion capita minimum capital requirement set by the central bank.

Its officials plan to hit the target at the end of December 2023. Zemen Bank started its operation in October 2008.

The post Zemen Bank Posts Annual Revenue of 2.1 Billion Birr appeared first on Ethiopian Monitor.

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