Regulatory Alerts2025-06-13
National Bank of Ethiopia Audited Financial Statement – June 2024
The National Bank of Ethiopia issued its audited annual financial statements for the year ended 30 June 2024, confirming compliance with International Financial Reporting Standards and the Ethiopian hyperinflationary accounting pronouncements. The audit highlighted four key matters, including a Birr 5.46 billion impairment provision for financial assets, a Birr 10.5 billion operating loss offset by transferring prior dividends to restore positive equity, and substantial foreign exchange losses driven by Birr devaluation. Management’s going concern assessment and financial instrument classifications were validated, demonstrating the Bank’s capacity to meet operational obligations and fulfill its price stability mandates despite ongoing currency volatility.