Regulatory Alerts2024-04-22
National Bank of Ethiopia Audited Financial Statements June 2021
The Audit Services Corporation issued an independent auditor's report on the National Bank of Ethiopia's financial statements for the year ended 30 June 2021. The auditor confirmed that the statements present fairly the financial position in accordance with International Financial Reporting Standards, despite noting a material uncertainty regarding the Bank's ability to continue as a going concern due to operational losses and a net capital deficiency. The financial data reveals a total comprehensive loss of approximately 1.47 billion Ethiopian Birr, driven by significant gold-related costs and currency depreciation, while total assets reached 637.8 billion Birr.
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