BY NEW BUSINESS ETHIOPIA REPORTER
Zemen Bank announces this week that it earned a gross profit of 121 million birr (around 7 million US dollars at the prevailing exchange rates) in the 2010/11 fiscal year (July 8, 2010 - July 7, 2011).
Finance
Ethiopia’s Single-branch Bank Doubles Profits
CBE Signs Largest IT Contract in Ethiopian Banking Sector
BY NEW BUSINESS ETHIOPIA REPORTER
The state-owned Commercial Bank of Ethiopia (CBE) has signed a 3 million US dollars deal with IBM to Modernize Core Banking Systems and Support Launch of 500 New Branches.
Ethiopian Farmers Claim Insurance for Harvest Failure
BY NEW BUSINESS ETHIOPIA REPORTER
Members of Ambo and Meki-Batu Farmers’ Cooperative Unions of Oromia Region of Ethiopia received insurance claims of over half a million birr for losses occurred due to fire, hailstorm, flood and diseases in the preceding cropping season. 
Ethiopian Private Banks Worrisome New NBE Directive
BY NEW BUSINESS ETHIOPIA REPORTER
Ethiopian private banks, which were forced to limit their lending by the government in order to control inflation for the past few years, are finally set free with a condition of allocating 27 percent of their lending to the government with an interest rate of just 3 percent hereafter.
Standard Bank’s Kenya Subsidiary to Demerger
BY NEW BUSINESS ETHIOPIA REPORTER
Restructuring process to separate CfC Stanbic Holdings Limited’s banking and insurance businesses will be finalized in coming months in a move that is expected to improve the group’s overall performance, the bank said this week.
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