Zemen Announces a Surge in Profits

Zemen Bank has reported increased profits of 203 million Br from 153 million Br in 2014/15.

Earnings per 1,000 share (EPS) at Zemen Bank grew by 15pc to 367 Br.

These results were reported four months after the Bank let go of its long serving top-executive managers, Helaway Tadesse and Sebhat Belayneh, senior vice president and vice-president for international banking, respectively.

Zemen’s EPS has averaged 400 Br per share over the last five years.

First named Access Bank a decade ago, the bank changed its name to Zemen Bank in 2008. Opened with a paid up capital of 150 million Br ,Zemen’s paid up capital is now over half a billion Birr.

The Bank’s growth in deposits outstripped the growth of its loan portfolio.

Loans stand at 3.4 billion Br showing a 33pc increase. Deposits surged by 44pc to 5.4 billion Br.

Zemen opened three new banking centers during the past fiscal year expanding its network to 12 branches and six sub-branches.

In addition to ordinary retail banking, Zemen was first to offer special banking services to high net worth individuals .


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