Ethiopia: Siket Bank Reports 1.6 Bln Birr Gross Profit for 2023/2024

13 August 2024
The Ethiopian Herald (Addis Ababa)
By MISGANAW ASNAKE

ADDIS ABABA — Siket Bank reported a gross profit of 1.6 billion Birr before tax and provisions for the 2023/2024 fiscal year.

CEO Damtew Alemayehu presented the annual business performance at a gathering of bank staff and board members Saturday.

Damtew highlighted that the profit represents a 49% increase compared to the previous year. The bank's total assets grew by 30%, reaching 15.8 billion Birr, while total capital rose to 7.9 billion Birr.

Additionally, the bank generated an income of 2.3 billion Birr, marking a 42% increase from the previous year. Siket Bank's customer base expanded to 537,428 with 152 branches, including new locations in rural areas. The total deposits reached 4.9 billion Birr, he elaborated.

The bank extended loans totaling 3.9 billion Birr to customers, small and micro enterprises, youth, and women during the period. Siket Bank is also developing core banking software to connect all its branches.

In its commitment to social responsibility, the bank provided 10 million Birr in support to those in need and two million Birr in humanitarian aid to landslide victims in Gofa Zone of South Ethiopia State during the annual performance review, the CEO remarked.

Skiet Bank is one of the new entrants of Ethiopia's thriving banking industry.

Read the original article on Ethiopian Herald.

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