Ethiopian private banks declare profit
While banks in the US and elsewhere are going through tough times, some Ethiopian banks are bucking the trend.
Dashen Bank's profit reached a record 239.1 million birr (about R255 million) both for the bank itself and for the over-a decade-old private banking industry as a whole, according to the bank's board of directors report released on Thursday at the Sheraton Addis. The profit the bank secured is 28.3 percent higher than what the bank made during the previous year, according to the report.
The record profit has literally astounded the bank's president who, upon reporting the bank's last fiscal year performance ended last June 30 said he asked himself if that trend would continue.
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