Financial Performance of National Bank of Ethiopia

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UNIVERSITÀ DEGLI STUDI DI BERGAMO
FACOLTÀ DI ECONOMIA
Corso di Laurea in MASTER IN MICROFINANCE Corso di MLaurea in MASTER IN MICROFINANCE Classe n. 2007/2008

Università Degli Studi Di Bergamo
Financial Performance of National Bank of Ethiopia Workers’ Savings and Credit Association with special emphasis to adjustments (NBE WSACA)

Relatore:

Prof: Jacob Yaron

Prova finale di Gebeyaw Aychile
NOME COGNOME

Matricola n.

1004704

ANNO ACCADEMICO
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Financial Performance of National Bank of Ethiopia Workers’ Savings and Credit Association with special emphasis to adjustments (NBE WSACA)

By Gebeyaw Aychile
Research Paper Submitted to the State University of Bergamo In Partial Fulfilment of the Requirement for the
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28 5. Financial performances of NBE WSACA ........................................................................ 29 5.1 Adjustments of Financial Data ....................................................................................... 33 5.2 In-kind subsidy adjustment........................................................................................... 34

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5.3 Inflation Adjustment for true performance ..................................................................... 38 5.4 Adjustment for loan loss allowance................................................................................ 38 5.5 Adjusted financial statements ......................................................................................... 40 5.6 Ratios and analysis ......................................................................................................... 44 5.7 Subsidy Dependence Index of NBE WSACA ................................................................ 53 5.8 Comparison to the peer group/ Benchmarking ............................................................... 56 6. Conclusion and Recommendations .................................................................................. 58 7. References ........................................................................................................................ 61

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Acknowledgements
Primarily I would like to acknowledge the valuable comments and suggestions made by
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