Ethiopia’s Zemen Bank S.C. reported a sharp rise in annual earnings on Saturday, posting one of the country’s highest banking returns as profit nearly tripled amid strong revenue growth.
The lender said earnings per share (EPS) reached 68.3% in the 2024/25 fiscal year, underscoring its position among the sector’s top performers.
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Revenue climbed to 14.4 billion birr, while gross profit jumped 136% year-on-year to 8.9 billion birr, exceeding the bank’s internal targets. Net profit rose 145% to 5.87 billion birr.
The results were presented at its 17th Annual General Meeting of Shareholders in Addis Ababa.
Zemen Bank, which has traditionally pursued a high-efficiency model with limited branch expansion, is among a handful of private lenders benefiting from rising demand for credit and foreign exchange services in Africa’s second-most populous nation.
Ethiopia’s banking sector has seen strong balance sheet expansion in recent years, though high inflation, forex shortages and regulatory changes continue to pose challenges.
