Enat Bank’s quarterly outlook – 3rd
on 07.05.2014, 14:06
Enat Bank reviewed its quarterly performance and its effort towards fulfilling its dual purpose, as a commercial bank and promoting the concept of women’s inclusive access to finance, is on track. This is announced at a press conference held at its Headquarter, on Wednesday April 16/2014.
Ato Wondwossen Teshome, President of Enat bank, noted at the press conference that “The Bank during the period was focused on penetrating the very competitive market while extra efforts exerted met set thresholds before the planned time.” The President also added, “The Bank has succeeded in registering consistent growth in the last nine months of the Ethiopian Fiscal Year.” Which Enat Bank’s management has played a key role for the achievements, he stressed.
W/ro Birtukan G/Egzi, V/President of the Bank that popularized the concept of women’s financial inclusion in the banking sector, on her part said, “A plan to benefit its women customers by providing 5.5% interest rate on deposit will be put into effect starting May 1st 2014.” And added, “What has gotten more emphasis, and is assumed equally important is to increase the number of women borrowers to meet the Bank’s vision.”
At the press conference, it is also noted that the Bank has made the necessary preparation to collaborate with governmental & non-governmental organs, the Ethiopian Entrepreneurship Development Centre, the Centre for African Women Economic Empowerment and the United Nations Development Programme [the First Lady Initiatives], to finance and train women who wish to become entrepreneurs.
Enat Bank has also informed that the Bank has made a commendable progress and surpassed target figures for the third quarter (Jan. 1 to April 30/2014). The registered deposit for the period under analysis is 786.92 million Br, exceeding the target by 132%; and out of 6,972 depositors, women’s with saving accounts occupy 4,044. Whereas, foreign currency mobilization is reported to have reached 20.75 million USD. Meanwhile, the amount of loans and advances approved is reported to be 320.91 million Birr, which is above the plan by 61.8%. As to the share capital mobilization, it is reported that paid up capital collection has reached 251.04 while the subscribed capital is 342.59 million Birr, out of which women shareholders constitute 61.35 % and 64.15 %, respectively. The rise in the number of share subscribers since the Bank’s operation commencement (March 05, 2013) has contributed greatly to the growth in the capital accumulation.
Enat has also announced that the number of branches will considerably grow from the existing 4 to 12 in the coming quarter; including Adama, Bahir Dar, Hawassa and Mekelle towns.