Zemen Bank reports a 33 percent increase in after-tax profits and
delivers a 36.7 percent earnings per share return to shareholders
· Revenues and Profits reach highest levels since the Bank’s founding
· Assets up 34 percent, Deposits up 44 percent, Loans up 33 percent
· Earnings per share averages 40 percent per year over the past five years
(December 8, 2016) Zemen Bank announces today that it earned a pre-tax profit of Birr 270 million in the 2015-16 fiscal year based on audited financial results. After-tax profits reached Birr 203 million compared to Birr 153 million last year, equivalent to a growth rate of 33 percent. With these financial results, the Bank provided its shareholders with earnings per share of 36.7 percent in FY 2015/16. The Bank continued its record of delivering strong to its shareholders, as seen from the five-year average earnings per share return of 40 percent per year. The Bank’s financial results in 2015-16 reflected a macro-economic setting that presented a mix of opportunities and challenges. The demand for banking services—especially loans—remained high even though Ethiopia’s economic growth during 2015/16 was 8 percent (according World Bank’s economic update) compared to 10.2 Percent during the previous year.