Addis Ababa — Zemen Bank reported a strong first-half performance in the 2018 Ethiopian fiscal year, with total assets rising to 106 billion birr and customer deposits reaching 80 billion birr, underscoring steady growth and deepening customer confidence.

Speaking at the bank’s mid-year performance review, CEO Dereje Zebene said Zemen Bank generated more than 5 billion birr in profit over the six-month period, while paid-up capital increased to 14 billion birr, strengthening the bank’s balance sheet and lending capacity. “Compared to last year, this has been a better and more successful year,” Dereje said.

The review meeting, held on January 16, brought together senior and middle management and highlighted the bank’s customer-centric strategy, prudent financial management, and alignment with Ethiopia’s broader economic transformation agenda.

The latest results build on momentum from the 2024/25 fiscal year, when Zemen Bank’s net profit surged 145% to 5.87 billion birr, and earnings per share climbed to 68.3%, according to the bank. Analysts say the consistent rise in assets, deposits, and capital positions Zemen Bank as one of the stronger performers in Ethiopia’s banking sector, particularly as the industry navigates tighter regulation and intensifying competition.

Customer deposits—often viewed as a key barometer of trust—continued to expand, reflecting confidence in the bank’s services and governance. The increase in paid-up capital further enhances Zemen Bank’s regulatory resilience and ability to support private-sector credit growth.

“Our growth is the growth of our customers,” CEO Dereje said, framing the performance as a combination of profitability and economic contribution. For investors, the numbers signal strong fundamentals, disciplined management, and a trajectory of sustainable growth in one of Africa’s fastest-evolving banking markets.