Global Bank Ethiopia has recently reported a remarkable pre-tax profit of 1.03 billion birr (approximately 8.09 million USD) for the preceding fiscal year, illustrating a commendable trajectory of growth for the institution. The bank’s revenue has surpassed 4 billion birr (31.45 million USD), reflecting an impressive 37% increase from the prior year.
In light of the challenging economic landscape both domestically and internationally, CEO Tesfaye Boru emphasized the bank’s success in generating over 1 billion birr (approximately 7.86 million USD) in profits before tax and deductions during this fiscal year. “This impressive performance is a testament to our resilience and unwavering commitment to navigating the complexities of the financial sector,” he remarked.
The bank’s report further reveals that its paid-up capital has increased to 2.48 billion birr (approximately 19.49 million USD), marking a 22% rise from the previous year. Additionally, customer confidence remains strong, as evidenced by total deposits rising to 18.22 billion birr (approximately 143.23 million USD). The net profit for the fiscal year was recorded at 757.5 million birr (approximately 5.96 million USD), accompanied by a notable dividend yield of 33.2%. Global Bank extended loans amounting to 15.7 billion birr (approximately 123.44 million USD), while successfully maintaining a low default rate of just 2%.
In a strategic endeavor to enhance its operational capabilities, Global Bank has acquired more than 5,550 square meters of land from the Addis Ababa City Administration in the Mexico area. This new site will serve as the future headquarters of the bank, a move anticipated to significantly improve its infrastructure and service delivery.
The strong financial results and strategic initiatives of Global Bank Ethiopia highlight its dedication to growth and customer satisfaction in an ever-evolving economic landscape. As the bank continues to broaden its operations and refine its offerings, it is well-positioned to play an influential role in Ethiopia’s financial sector.
