By our staff reporter
Global Bank Ethiopia, a prominent player in the banking industry for nearly 11 years, announced a remarkable achievement in the last financial year. With a strategic rebranding effort represented by a new name and logo, the now former South Global Bank successfully demonstrated its commitment to growth and prosperity. As a result, the bank’s profit before tax surged by an impressive 88 percent, surpassing other banks in the industry.
The bank’s financial performance was truly outstanding, with a profit exceeding 836 million birr. This substantial increase compared to the previous year showcases the bank’s ability to generate substantial returns and deliver value to its stakeholders. Moreover, Global Bank Ethiopia’s deposits reached an impressive 13.7 billion birr, while its total assets expanded to a remarkable 19 billion birr.
In line with its commitment to shareholders, the bank declared a dividend of 29.2 percent, signifying a 23 percent increase over the planned distribution for the fiscal year. Such shareholder returns underscore the bank’s dedication to rewarding its investors.
Since its establishment in 2012 with a paid-up capital of 138.9 million birr, Global Bank Ethiopia has experienced remarkable growth. Today, it boasts a substantial capital base of 2.1 billion birr and has attracted approximately 20,000 shareholders. Notably, Global Bank Ethiopia achieved the highest profit margin among all banks during the last financial year, reaffirming its position as a leading institution in the banking sector.
The bank’s loan portfolio demonstrated significant expansion, growing from 9.4 billion birr to 13.7 billion birr, further reflecting the institution’s commitment to supporting economic activities through lending. With a growing customer base, Global Bank Ethiopia now serves 1.2 million clients and operates an extensive network of 152 branches.