ADDIS ABABA –Siket Bank S.C. has reported a net profit of 1.54 billion Birr and total assets amounting to 15.9 billion Birr, marking a 30% growth in the 2023/24 fiscal year, according to the bank’s latest financial report.
Board Chairperson Tilahun Worku presented the report during the bank’s 2nd Stakeholders Ordinary General Assembly, addressing board members, shareholders, and directors on Saturday. He highlighted the bank’s strides in providing efficient microfinance and banking services since its establishment in the sector, despite its relatively recent entry.
Tilahun emphasized the bank’s efforts to create value for its customers, shareholders, employees, and communities, while focusing on promoting trademarks, strengthening institutional structures, and advancing technology. These initiatives aim to boost the bank’s competitiveness in the financial sector.
“Its total deposits reached 4.9 billion Birr, showing a 36% increase compared to the same period last year, with 537,428 customers,” Tilahun stated. The bank also disbursed 9 billion Birr in loans, supporting key sectors such as trade, manufacturing, construction, and agriculture.
In addition to its financial achievements, Siket Bank recorded a 50% growth in net profit compared to the previous fiscal year. Leadership capacity-building training has been provided to employees to expedite the bank’s growth and ensure a smooth transition.
Tilahun also announced the bank’s progress in expanding digital operations, with new banking systems and data centers installed to align with Ethiopia’s digital transformation goals.
As part of its corporate social responsibility, the bank allocated 10 million Birr to support various social initiatives, further cementing its commitment to community development, it was stated.
BY ASHENAFI ANIMUT
THE ETHIOPIAN HERALD TUESDAY 10 DECEMBER 2024
