Most Buildings in Addis Ababa Lack Insurance Coverage as Earthquake Risks Grow

Most Buildings in Addis Ababa Lack Insurance Coverage as Earthquake Risks Grow Ethiopia has recently experienced a heightened seismic activity, with an earthquake originating from the Awash region making its way to Addis Ababa, leaving many buildings and structures in a vulnerable state. The tremor raised alarm bells about the lack of adequate insurance coverage for buildings, particularly in Ethiopia’s rapidly developing urban centers like Addis Ababa. While high-rise buildings in the city center might be targeted by insurance products, a significant number of properties across the country remain uninsured, leaving them exposed to natural disasters such as earthquakes, fires, and other potential hazards. During a press conference marking the 30th anniversary of Hibret Insurance, CEO Meseret Bezabih expressed concern over this coverage gap. “Although there are various products targeting the giant buildings in the heart of the city, most buildings in Ethiopia, specifically in Addis Ababa, lack insurance coverage, even in the wake of recent earthquakes from Awash that were also felt in the city,” she said. Adding to the urgency of the matter, Deputy CEO Tesfaye Desta shed light on the city’s insurance concerns. “In the past, conflicts in the city led to the demolition of many buildings, with the government stepping in to cover the costs for investors. However, the government has now made it clear that it will not bear the responsibility next time,” Tesfaye stated. This shift in responsibility means that property owners are left to shoulder the financial burden in the event of a disaster. In response to these challenges, Hibret Insurance has introduced a series of products designed to address the gap in coverage, focusing specifically on earthquake, fire, and other potential risks that Ethiopian buildings face. However, despite these innovative products, the Deputy CEO expressed frustration over their low uptake. “Earthquake insurance is one segment of a broader offering that includes fire insurance and other critical coverage. Despite the growing risks, many of these products are not being sold as expected,” Tesfaye said. Hibret Insurance Company SC is set to celebrate 30 years of success in Ethiopia’s insurance industry on November 14, 2024. Since its founding in 1994, the company has grown from a single office in Addis Ababa into a national leader, offering innovative products and maintaining a commitment to customer satisfaction, gender equality, and financial stability. Known for pioneering initiatives such as Life Insurance in 1997 and the family funeral insurance scheme in 2014, Hibret has continuously adapted to the evolving needs of the Ethiopian market. The appointment of the first female CEO in 2011 and the recent launch of Takaful Insurance reflect its focus on inclusivity and innovation. With impressive financial results and a strong focus on digital transformation and corporate social responsibility, Hibret Insurance is poised for continued leadership in Ethiopia’s insurance sector as it marks this significant milestone.

Ethiopia Ships Fresh Produce to Europe for the First Time, Opening New Markets

Ethiopia Ships Fresh Produce to Europe for the First Time, Opening New Markets Ethiopia has marked a new chapter in its agricultural sector by sending its first refrigerated shipment of fruits and vegetables to Europe, as announced by the Ministry of Agriculture. Ethio Vegfru, a private export-import company, has initiated shipments of Sugar Snap and Mangetout vegetables to the Netherlands. The launch event was attended by Agriculture State Minister Sofia Kasa. With a climate well-suited for year-round cultivation, Ethiopia has the potential to produce a wide variety of fruits and vegetables, including mangoes, grapes, and oranges. During the launch, Tsegaye Abebe, Managing Director and Founder of Ethio Vegfru, highlighted that 12 tons of Sugar Snap and Mangetout will be transported to Djibouti in a refrigerated container with advanced technology. This fresh produce, packed at Koka, is set to reach the Netherlands within 23 days via the Ethio-Djibouti transport corridor. This shipment represents a significant step in establishing a reliable cold chain for exporting perishable items like fruits and vegetables via the Port of Djibouti, facilitating sea freight options. Tsegaye noted that Ethiopia has yet to fully harness its potential in fruit and vegetable production. He emphasized the importance of large-scale production and expanding export markets, along with further investment in the sector. According to Tsegaye, using sea transport for exporting vegetables marks a crucial development in Ethiopia’s bid to penetrate international markets. He urged for continued efforts to expand product availability and market reach. Acknowledging the reduced availability of certain European market destinations due to environmental concerns, Tsegaye commended Ethiopia’s step forward in shipping vegetables using modern refrigerated containers, which helps maintain product quality and supports sustainable exports.

Ethiopian Airlines Set to Welcome Second Airbus A350-1000 in December

Ethiopian Airlines Set to Welcome Second Airbus A350-1000 in December Ethiopian Airlines’ New Airbus A350-1000 Soars Across Continents: A Landmark in African Aviation On November 5, 2024, Ethiopian Airlines marked a historic milestone by welcoming its first Airbus A350-1000 into its fleet, making it the first African carrier to operate this advanced aircraft. This new addition is not just an achievement for the airline but also a significant step in Ethiopian’s ambitious Vision 2035 strategy, aimed at expanding its fleet, destinations, passenger numbers, and revenue. The A350-1000, named “Ethiopia Land of Origins” and registered as ET-BAW, has already begun making its mark with flights across Africa, Europe, and the Middle East. The A350-1000’s Journey Begins The inaugural flight for ET-BAW took place on November 7, 2024, from Addis Ababa to Lagos, Nigeria. After receiving a grand water cannon salute upon arrival at Lagos’ Murtala Mohammed International Airport, the aircraft’s onboard experience received high praise from passengers. Following its return to Addis Ababa, ET-BAW continued its travels, heading to Dubai, Accra, and Paris, demonstrating its versatility across key routes. On November 10, it added Tanzania’s Kilimanjaro and Zanzibar to its destinations, marking Dubai as its first intercontinental stop. Looking Ahead: Expansion to Washington-Dulles and Beyond Ethiopian Airlines has big plans for its new A350-1000 fleet. According to CEO Ato Mesfin Tasew, ET-BAW is currently dedicated to promotional flights, with plans to deploy it on long-haul routes once the second A350-1000 arrives in December. High-profile routes, such as Washington-Dulles, are next in line to benefit from this new fleet, signaling the airline’s commitment to enhancing passenger comfort and expanding intercontinental connections. A Milestone for African Aviation Ethiopian Airlines has consistently set the pace for African aviation. As Africa’s largest airline by fleet size and destinations, Ethiopian has pioneered significant achievements, including being the first African airline to operate the Boeing 787 and now the A350-1000. In July 2022, the airline ordered four A350-1000s, with the remaining three expected to arrive by early 2025. Tasew emphasized the airline’s pride in adopting the A350-1000, highlighting its state-of-the-art technology, superior fuel efficiency, and minimal environmental impact. “We are thrilled to welcome the Airbus A350-1000 to our fleet, solidifying our position as leaders in aviation technology. This aircraft embodies cutting-edge advancements, offering superior passenger comfort, enhanced fuel efficiency, and reduced environmental impact. Together, we are pioneering a sustainable future for aviation in Africa,” said Tasew. Passenger Comfort and Advanced Technology The A350-1000 is designed with passenger experience at its core. Equipped with 46 business class seats with direct aisle access and 349 economy seats, the aircraft provides comfort across all classes. Its Rolls-Royce Trent XWB-97 engines enhance fuel efficiency, and passengers can enjoy the Thales AVANT Up inflight entertainment system, ensuring a premium journey experience. Ethiopian Airlines’ Expanding A350 Fleet Since receiving its first A350-900 in 2016, Ethiopian Airlines has steadily grown its A350 fleet, which now includes 21 aircraft with 14 more on the way. The smaller A350-900 variant, seating 30 business and 313 economy passengers, serves a range of destinations, from London and Frankfurt to Johannesburg and Toronto, underscoring the airline’s extensive international reach. A Bright Future for Ethiopian Airlines With its A350-1000 fleet, Ethiopian Airlines is well-positioned to lead Africa into a new era of aviation. As the airline connects more cities across continents, it continues to elevate the continent’s global presence in aviation. The arrival of the A350-1000 is more than a fleet expansion; it’s a testament to Ethiopian Airlines’ dedication to innovation, sustainability, and exceptional service.

Crisis in Merkato: Fear of Government Crackdown Drives Merchants to Close Shop

Crisis in Merkato: Fear of Government Crackdown Drives Merchants to Close Shop Mercato Merchants in Crisis: Fear of Property Seizures Drives Shop Closures In Addis Ababa’s bustling Mercato, a wave of confusion and fear has swept through merchants as rumors of government property confiscation circulate widely. Concerns are mounting about sudden and ambiguous government actions enforcing receipt-based trading requirements, sparking a wave of shop closures and a climate of uncertainty in Ethiopia’s largest marketplace. One anonymous merchant attributed the turmoil to new demands for receipts on all goods. “Previously, our capital was estimated by the authorities, and taxes were levied based on a specified scale. If it fell below a certain threshold, we weren’t required to pay,” the merchant explained. “Now, authorities have declared that all retailers must register within the system and will be taxed without a specified scale.” The merchant highlighted that importers frequently do not provide receipts, leaving retailers vulnerable to penalties and enforcement actions. “We are worried that our goods will be confiscated,” the merchant added, noting the lack of clear guidance from officials about whether their assets could indeed be seized due to receipt shortages. This ambiguity has driven some merchants to close their shops and hide their goods, intensifying the crisis in Mercato. The merchant claimed that traders had already lost up to 14 million birr worth of goods due to these unclear regulatory measures. The Addis Ababa Revenue Office recently responded, clarifying their position on these enforcement actions. “We said don’t sell without a receipt, but we have no intention to confiscate goods,” they stated, emphasizing that their goal is to bring order to the market by curbing illegal trading practices and encouraging compliance among businesses. Tesfaye Negash, Director of Tax Intelligence and Investigation at the Addis Ababa Revenue Bureau, explained that a citywide campaign had been in effect since mid-September to address compliance issues systematically. This campaign aims to: Register businesses that have not yet entered the VAT system. Issue licenses to previously unlicensed businesses. Enable eligible businesses to print invoices, addressing widespread evasion of official invoicing practices. Special attention, the Bureau stated, is being given to major shopping malls in Mercato. Amid this campaign, some merchants have closed their shops and relocated their goods, fearing what they see as an aggressive approach that could lead to property seizures. The Bureau’s response, delivered through Fana Broadcasting Corporation, stressed that recent efforts to engage with traders have included extensive discussions to promote receipt-based trading. “A consensus was reached with many merchants, but some individuals unwilling to comply have spread misinformation,” the Director of Communications said, adding that the bureau’s aim is to build a lawful business system that benefits the entire community. Tesfaye Negash further explained that the Bureau’s enforcement efforts focus not on confiscation but on fostering compliance. “Conducting business without receipts is punishable by law, and traders must register any goods purchased without receipts to avoid penalties. However, we do not intend to arbitrarily seize property without legal grounds.” Negash urged the business community to support these reforms, discouraging misinformation and encouraging cooperation. He also invited the public to report any cases of non-compliance or corruption through the Bureau’s hotline. Merchants, however, voiced deep-rooted concerns about issues in the regulatory system. A local retailer pointed out that importers often provide no receipts or issue undervalued receipts, which places retailers at risk when authorities demand proof of purchase. “The government needs to address invoicing at the source rather than punishing retailers for issues beyond their control,” he stated. Some traders also alleged that certain revenue officials exploit these regulations for personal gain, asking for bribes under the guise of enforcement. A member of the community, suggested that the regulatory campaign should prioritize importers and manufacturers, who often evade compliance. “If the government controls the importers, the whole system will follow suit. Retailers are simply forced to close their shops because they cannot obtain receipts,” he explained. Negash acknowledged recent temporary shop closures, including an incident at the Yerga Hayle shopping mall, where customs officials seized unlicensed goods. “The mall has since reopened, except for stores awaiting commercial permits,” he said, stressing that the Bureau’s focus remains on compliance, not confiscation. The Bureau clarified that official notifications have been sent to traders to reaffirm that compliance with receipt requirements will not result in asset seizures. “Our aim is to create order, not fear,” Negash emphasized, urging businesses to follow legal practices and contribute to a fair and structured marketplace in Addis Ababa.

Ethio Telecom and MwareTV Launch IGADO+: A New Affordable, Localized Streaming Service in Ethiopia

Ethio Telecom and MwareTV Launch IGADO+: A New Affordable, Localized Streaming Service in Ethiopia MwareTV, a Dutch provider of cloud-based TV platforms, has introduced IGADO+, a new video streaming service specifically developed for the Ethiopian market. In collaboration with Ethio Telecom, the country’s primary telecommunications provider, IGADO+ aims to make diverse streaming options widely accessible. The service, available over both broadband and mobile networks, provides Ethiopian audiences with a range of content tailored to local interests and languages. Key Features of IGADO+ IGADO+ launched with an extensive selection of 125 live channels and thousands of hours of video-on-demand (VoD). The platform includes a wide variety of programming, such as entertainment, children’s shows, educational content, religious broadcasts, and sports coverage, including international match days featuring teams like Arsenal and Real Madrid, as well as local sports channels. In line with its aim to cater to the Ethiopian population, much of the content on IGADO+ is dubbed in Amharic and Afaan Oromoo, Ethiopia’s most widely spoken languages. The service offers subscription rates starting at 199 Birr per month (approximately USD $1.65), aiming to meet local expectations for affordable access. Partnership with Ethio Telecom Ethio Telecom has partnered with IGADO+ to offer the service across portable devices, with plans to expand availability to smart TVs in the near future. The collaboration enables users to access IGADO+ through Ethio Telecom’s mobile and broadband networks and allows customers to subscribe conveniently via Ethio Telecom’s USSD portal. Ethio Telecom is actively promoting IGADO+ as a value-added service for its subscribers. MwareTV’s Cloud-Based Technology IGADO+ operates on MwareTV’s TV Management System (TVMS), a cloud-based platform that automates streaming operations. The system includes tools for scheduling and managing content with a drag-and-drop interface, making it easier for operators to manage the service. The TVMS is also integrated with Ethio Telecom’s subscription management system, streamlining the process for subscribers. To enhance the user experience, MwareTV has developed a set of customizable, white-label user interfaces that can be branded for different devices without the need for additional coding. This allows IGADO+ to provide a consistent and intuitive experience across smartphones and tablets, with support for common devices and accessibility features for Ethiopian audiences. Statements from IGADO+ and MwareTV In a statement, Ibrahim Gado, General Manager of IGADO+, highlighted the service’s goals of accessibility and affordability. “Our goal is to make information and entertainment accessible to everyone in Ethiopia,” Gado said. He noted that the infrastructure provided by MwareTV allows IGADO+ to deliver a high-quality streaming service at a price point aligned with the local market. Sander Kerstens, CEO of MwareTV, described the advantages of the cloud-based approach, which reduces technical challenges and allows operators like IGADO+ to focus on content delivery. “What makes the MwareTV proposition so compelling is that it takes away all the technical concerns, hosting them in the cloud, so the operator can focus on delivering a great service,” Kerstens said. He added that the platform’s integration with Ethio Telecom’s systems supports an efficient subscription process and aims to build audience loyalty through accessible and localized content. With IGADO+ now available in Ethiopia, the platform aims to meet local demand for accessible and affordable streaming options. Its emphasis on Ethiopian languages, diverse programming, and competitive pricing positions it as a new entrant in the country’s digital media landscape. The collaboration between MwareTV and Ethio Telecom highlights the role of cloud technology in delivering localized content, and IGADO+ is expected to expand its reach further as additional devices are supported.

Fitch Upgrades Ethiopia’s Domestic Credit Rating Amid Economic Reforms

Fitch Upgrades Ethiopia’s Domestic Credit Rating Amid Economic Reforms In a significant development for Ethiopia’s financial landscape, Fitch Ratings announced an upgrade of the country’s Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to ‘CCC+’ from ‘CCC-‘ on October 25, 2024, signaling a cautious optimism toward Ethiopia’s economic restructuring. While the Long-Term Foreign-Currency IDR remains at ‘Restricted Default’ (RD), Fitch’s upgrade of the local currency rating highlights Ethiopia’s gradual easing of financial pressures and ongoing macroeconomic reforms. Economic Policy Reforms Boost Confidence The move reflects Ethiopia’s renewed efforts to address long-standing economic imbalances, starting with the National Bank of Ethiopia’s (NBE) recent market-based determination of the national exchange rate. This policy, introduced in July 2024, led to over 50% depreciation of the official exchange rate, aligning it with the parallel market and alleviating distortions that had hampered trade. The NBE also introduced an interest-rate-based monetary policy, setting a 15% policy rate to stabilize inflation and enhance the effectiveness of monetary policy. The changes follow Ethiopia’s new four-year agreement with the International Monetary Fund (IMF) under the Extended Credit Facility, which immediately disbursed $1 billion as part of a $3.4 billion package to support Ethiopia’s economic adjustments. The arrangement, alongside anticipated funding from the World Bank totaling $3.75 billion, is expected to reduce Ethiopia’s reliance on domestic financing and enable a shift toward market-based auctions for treasury bills. Local Debt Management and Fiscal Balancing Fitch also noted Ethiopia’s intention to phase out non-market-based local financing, which had contributed to financial repression and inflation. In a related move, the NBE converted ETB242 billion in direct advances to long-term government securities, easing rollover risks. The NBE’s initiative to conduct regular open-market operations is a key step in creating a sustainable fiscal framework. The government’s shift toward managing its debt more sustainably is evidenced by a narrowing of its fiscal deficit from 2.5% of GDP in FY23 to 2% in FY24. Fitch projects a slight increase to 2.7% in FY25 due to government spending on essential social programs and public sector wage increases. Foreign Debt Restructuring Remains Key Challenge Despite the positive trajectory in local currency management, Ethiopia’s external debt challenges persist, with the foreign-currency IDR at RD. Ethiopia is restructuring $15.1 billion of external debt through the Common Framework, which began in 2021 and includes both bilateral and commercial debt. A standstill agreement with major Chinese creditors and the Official Creditor Committee (OCC) granted Ethiopia relief on debt service for 2023 and 2024. Progress toward an agreement with the OCC is expected by the end of 2024, a crucial step before Ethiopia begins negotiations with private creditors. Future Outlook and Potential for Improvement Fitch has outlined conditions for further positive rating action, indicating that a resolution of Ethiopia’s foreign-currency debt restructuring and successful implementation of economic reforms could lead to further upgrades. The alignment of official and parallel exchange rates has boosted gold exports, contributing to an expected rise in international reserves from $1 billion in FY24 to an anticipated $4.5 billion by FY26. However, challenges remain, particularly in political stability and institutional transparency, which impact Ethiopia’s credit profile. Fitch’s ESG scores highlight governance concerns, particularly in terms of rule of law and corruption control, underscoring the need for continued progress in these areas to solidify Ethiopia’s path to economic stability. In conclusion, while the upgrade to ‘CCC+’ marks a positive step for Ethiopia’s local-currency obligations, the nation faces a delicate balancing act as it seeks to achieve sustainable growth and meet the conditions of international creditors. The journey is ongoing, but Fitch’s assessment reflects growing confidence in Ethiopia’s reform agenda and economic potential.

Ethiopian Airlines Partners with South Sudan to Launch National Carrier

Ethiopian Airlines Partners with South Sudan to Launch National Carrier Ethiopian Airlines Takes Bold Step in Regional Aviation by Partnering with South Sudan to Establish National Carrier In a historic move for regional connectivity and economic growth, Ethiopian Airlines has secured a management deal with the government of South Sudan to establish and operate a national carrier. This collaboration, formalized during a meeting between South Sudan’s Transport Minister, Madut Biar, and Ethiopian Ambassador Nabil Mahdi in Juba, builds upon a 2023 Memorandum of Understanding (MoU) and aims to bring new vitality to South Sudan’s aviation landscape. Since gaining independence from Sudan in 2011, South Sudan has struggled to set up a national airline, largely due to political instability and civil conflict. Efforts to establish a national carrier were repeatedly hindered as a result. This new agreement marks a transformative opportunity for South Sudan, as Ethiopian Airlines steps in with its extensive experience and leadership in African aviation. The partnership is also rooted in the Yamoussoukro Decision, a pivotal treaty among African Union members designed to liberalize air transport services and foster fair competition. Ambassador Mahdi affirmed that Ethiopian Airlines is ready to apply its operational expertise, contributing not only to South Sudan’s economy but also enhancing regional air connectivity, which is crucial for both business and tourism. South Sudan’s government has long seen the potential benefits of establishing a state-owned airline. In 2019, the South Sudanese parliament greenlit the concept of South Sudan Airways, yet challenges persisted. Ethiopian Airlines’ involvement will now bring essential technical and managerial resources to South Sudan’s airspace operations, which are currently transitioning from Sudanese control. Transport Minister Biar expressed optimism about the partnership, emphasizing the “significant benefits” South Sudan stands to gain from Ethiopia’s aviation experience. Ethiopian Airlines, known for its successful management of other national carriers in Africa, is expected to provide training for South Sudanese personnel, ensuring a sustainable path forward for the new airline. The Ethiopian national carrier’s role in South Sudan underscores its strategic ambition to lead regional partnerships and broaden African air networks. With recent successes in acquiring stakes in other African national airlines, Ethiopian Airlines has become an influential player in African skies, now offering South Sudan a pathway to enter the aviation arena under stable and skilled leadership. As this partnership unfolds, South Sudan is poised to see increased economic integration, job creation, and improved infrastructure—key pillars for post-conflict development. For Ethiopian Airlines, this is another step toward solidifying its position as Africa’s aviation powerhouse, driving connectivity and economic growth across the continent.

Wegagen Bank Celebrates Landmark Birr 9.8 Billion Profit, Outpacing Last Year’s Growth by 40%

Wegagen Bank Celebrates Landmark Birr 9.8 Billion Profit, Outpacing Last Year’s Growth by 40% Wegagen Bank has achieved record-breaking financial performance for the 2023/24 fiscal year, reporting a net income of Birr 9.8 billion and a gross profit of Birr 2.2 billion, marking a historic milestone. This impressive financial achievement was presented during the bank’s 31st Ordinary and 15th Extra Ordinary Shareholders’ General Assembly, held at the Hilton Addis Ababa. In his address, the Board Chairperson, Ato Abdishu Hussein, highlighted that the bank’s income increased by a notable 40% compared to the previous fiscal year. The bank also achieved an impressive 86% increase in gross profit year-over-year, a testament to its resilience and strategic agility amidst domestic and global economic challenges. Additionally, earnings per share (EPS) reached an extraordinary 36.9%, up significantly from the 22.7% recorded last year. Growth Across Key Financial Metrics and Strategic Investments in Capital Wegagen Bank’s financial performance reflects robust growth in several key performance metrics. The paid-up capital increased by 27%, reaching Birr 5.1 billion by the end of the fiscal year, exceeding the National Bank of Ethiopia’s regulatory requirement. The bank’s total capital rose to Birr 9.2 billion, a 33% increase from the previous year, providing a strong foundation for future expansion and development. Total deposits reached Birr 52.1 billion, representing a 22% increase over the previous year, thanks to focused resource mobilization efforts. The bank’s outstanding loans and advances reached Birr 45.1 billion, a 13% increase, supporting various sectors of the Ethiopian economy. Wegagen Bank’s assets have also grown substantially, totaling Birr 65.7 billion, a 22.9% increase compared to the prior year. Expanding Shareholder Base and Community Contributions Wegagen Bank’s shareholding structure continued to diversify, with the number of shareholders growing to nearly 12,000 as of June 30, 2024. Ato Abdishu underscored the importance of this growth as a reflection of increased public trust in the bank’s performance and strategic direction. Furthermore, the bank created over 5,400 jobs nationwide, demonstrating its commitment to social and economic development in Ethiopia. As part of its corporate social responsibility, Wegagen Bank contributed Birr 75 million in donations to socioeconomic development initiatives, including support for philanthropic organizations focused on uplifting low-income communities. The bank has integrated an Environmental, Social, and Governance (ESG) framework into its operations, establishing a dedicated ESG function to strengthen its commitment to sustainable practices, including green financing initiatives. Advancing Technology and Enhancing Service Accessibility Wegagen Bank’s Chief Executive Officer, Dr. Aklilu Wubet, emphasized that the bank has actively invested in digital transformation to enhance customer experience and accessibility. As of June 30, 2024, the bank operates 436 branches across Ethiopia, providing both conventional and interest-free banking services. The bank has deployed 360 ATMs, 436 Point of Sale (POS) terminals, and a network of 4,784 agents to broaden service accessibility through internet, mobile, and card banking platforms. Strategic Focus on Future Growth and Resilience As Wegagen Bank looks toward the future, Ato Abdishu outlined key priorities, including expanding the bank’s capital base, optimizing resource mobilization, strengthening internal controls, and enhancing risk management frameworks. Improving service quality, advancing technological capabilities, and investing in human capital are also central to the bank’s long-term growth strategy. CEO Dr. Aklilu expressed gratitude to the bank’s customers, Board of Directors, employees, and other stakeholders for their unwavering support, noting that their contributions have been essential to the bank’s success. He affirmed that Wegagen Bank will continue to monitor regulatory developments and adapt its strategies to ensure sustainable growth and resilience in the face of an evolving financial landscape.

Ahadu Bank has announced a pre-tax profit of more than 119 million birr.

Ahadu Bank has announced a pre-tax profit of more than 119 million birr. At its 3rd Ordinary General Meeting of Shareholders held on October 30, 2017, the chairman of the bank’s board of directors, Mr. Anteneh Sebsbe, shared that Ahadu Bank reported a pre-tax profit of 119.96 million birr for the fiscal year. Mr. Sebsbe highlighted that the bank achieved this strong financial performance within a relatively short period and successfully concluded the fiscal year. He also noted that the bank raised 80 million US dollars through foreign currency acquisitions. Additionally, Ahadu Bank issued loans amounting to 1.7 billion birr over the financial year, leading to an overall improvement in the bank’s financial standing, with total assets reaching 6.26 billion birr. The bank has expanded its branch network to 104 locations, while its customer base has grown to 704,000, and total deposits now stand at 4.6 billion birr. Mr. Sebsbe further stated that the bank’s subscribed capital is 1.4 billion birr, with a total paid-up capital of 10.3 billion birr. He acknowledged the challenges faced by the banking sector due to unfavorable global economic conditions, coupled with security issues and economic instability in certain regions within the country. The National Bank of Ethiopia, aiming to control inflation, imposed a loan cap on commercial banks in August 2016. This policy has restricted lending capacity for commercial banks, particularly impacting newer banks’ ability to provide high-income loans, thus affecting their performance, resource mobilization, and overall economic activity. 2 COMMENTS Lemese Debele November 13, 2024 At 12:26 am cable pepper child catalog spirit expect interest amazing usage able large announce myth assist subject era taxi rural mind clip essay bullet trip hub cable pepper child catalog spirit expect interest amazing usage able large announce myth assist subject era taxi rural mind clip essay bullet trip hub Lemese Debele November 13, 2024 At 12:27 am Very nice service Very nice service Comments are closed.