Zemen Bank earns 1.2 billion Br gross profit during the last fiscal year, a record-high performance since its establishment almost 11 years ago. While its profit exhibited 30 percent growth compared to last year, it is 16.2 percent higher than its target for the reporting period.
The Bank disbursed a loan of 4.3 billion Br in the last fiscal year, portraying 44.3 percent growth. Its deposit also grew by 32 percent to 4.6 billion Br during the same period.
Despite an encouraging performance in almost all financial indicators, Zemen saw a spike in non-performing loans (NPL), partly because of the war in the Northern Ethiopia. Its NPL has reached 2.25 percent by the end of last fiscal year.
With a total assets of 25.2 billion Br, Zemen's paid up capital has reaches 2.7 billion Br, nearing the five billion Br requirement set by the central bank to be fulfilled by commercial banks within five years.