Zemen Bank S.C. reported a strong audited performance for the financial year ended 30 June 2026, with profit after tax rising 15.1% to ETB 6.75 billion and total assets crossing the ETB 116 billion mark. The results were presented at the bank's 18th Ordinary and 13th Extraordinary General Meeting of Shareholders held at the International Convention Center in Addis Ababa on October 6, 2026.
Total assets reached ETB 116.55 billion, up from ETB 88.37 billion in the previous year, representing a 31.9% increase. Customer deposits expanded 32.1% to ETB 84.85 billion, while loans and advances stood at ETB 51.73 billion. Paid-up capital rose sharply by 52.2% to ETB 14.29 billion, supporting total equity of ETB 25.96 billion.
Profitability and income mix
Profit before tax reached ETB 9.30 billion, up 13.3% from ETB 8.21 billion a year earlier. Zemen Bank's reconstructed total income stood at approximately ETB 17.88 billion, driven by interest income of ETB 10.15 billion, fee and commission income of ETB 5.11 billion, net foreign exchange gain of ETB 2.36 billion, and other operating income of ETB 273.1 million. The audited total operating income line was ETB 14.25 billion, after deducting interest and commission expenses.
Gross profit before depreciation and provisions reached ETB 9.97 billion, increasing by ETB 882.7 million or 9.7% year-on-year. Based on the reconstructed gross income of approximately ETB 17.88 billion, the gross profit margin was roughly 55.7%, down from an estimated 63.0% in the prior year. Net profit margin stood at approximately 37.8%.
Foreign currency performance
Zemen Bank mobilized USD 698 million in foreign currency during the fiscal year, exceeding its annual target by 2.5% and growing 19% year-on-year. According to the bank, this performance placed it fourth among Ethiopian private banks in foreign currency inflows.
Earnings per share was reported at 53.9% in the narrative section of the annual report, while the audited statement lists basic and diluted EPS as 539, down from 683 a year earlier.
| Metric | 2025/26 Value |
|---|
| Total assets | ETB 116.55 billion |
| Customer deposits | ETB 84.85 billion |
| Loans and advances | ETB 51.73 billion |
| Paid-up capital | ETB 14.29 billion |
| Total equity | ETB 25.96 billion |
| Profit before tax | ETB 9.30 billion |
| Profit after tax | ETB 6.75 billion |
| Foreign currency mobilization | USD 698 million |
The balance sheet expansion and capital strengthening position Zemen Bank among the larger private banks in Ethiopia by asset size. With paid-up capital now at ETB 14.29 billion, the bank's capital base sits well above the minimum regulatory threshold for Ethiopian banks, providing room for continued lending growth and potential capital market participation as Ethiopia's financial sector deepens.
The bank's foreign exchange performance is particularly notable given the ongoing emphasis on forex generation across Ethiopia's banking sector. Foreign currency inflows remain a key competitive metric for private banks, and Zemen Bank's fourth-place ranking signals meaningful traction in trade finance and international banking operations.
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