Siket Bank has reported a gross profit of Birr 1.6 billion. This represents a substantial 49% increase compared to the previous year.
CEO Damtew Alemayehu unveiled the bank’s financial results during a meeting with staff and board members on Saturday. He attributed the achievement to a combination of factors, including a 30% expansion of total assets to Birr 15.8 billion Birr and a boost in total capital to Birr 7.9 billion.
The bank’s income also surged by 42% to reach Birr 2.3 billion Birr. This financial performance has been accompanied by an increase in the customer base, which now stands at 537,428. The expansion of the bank’s branch network to include new locations in rural areas has played a crucial role in this customer acquisition.
Siket Bank’s total loans also reached Birr 3.9 billion. The bank has extended credit to individuals, small businesses, youth, and women, contributing to economic growth and development. To support its operations and enhance service delivery, the bank is currently developing new core banking software to interconnect all its branches.
Source: The Ethiopian Herald
