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
0

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 Degree of Master in Microfinance

Adviser Professor Jacob Yaron

October 2008

1

Table of Contents

page

UNIVERSITÀ ...................................................................... Error! Bookmark not defined. Acknowledgements ................................................................................................................ 4 Acronyms & abbreviations ..................................................................................................... 5 Abstract ................................................................................................................................... 6 1. Introduction ........................................................................................................................ 7 1.1 Background ....................................................................................................................... 7 1.2 Financial sector in Ethiopia .............................................................................................. 8 1.3 Objectives of the study ..................................................................................................... 9 1.4 Methodology................................................................................................................... 10 1.5 Organization of the paper ............................................................................................... 10 2. Literature Review ............................................................................................................. 12 2.1 Microfinance performance Evaluation ........................................................................... 12 2.2 PEARLS Monitoring System ......................................................................................... 13 2.3 Adjustments .................................................................................................................... 15 2.4 Key performance indicators in Microfinance ................................................................. 17 2.4.1 Adjusted return on asset (AROA) and adjusted return on Equity (AROE) .............. 18 2.4.2 Operational self sufficiency (OSS) and financial self sustainability (FSS) ................ 19 2.5 Subsidy dependence index (SDI) ................................................................................... 20 2.6 Benchmarking................................................................................................................. 22 3. SACCOs in Ethiopia......................................................................................................... 23 3.1 Legal framework of SACCOs in Ethiopia...................................................................... 23 3.2 Objectives of SACCOs ................................................................................................... 24 4. Background of NBE WSCA ............................................................................................. 26 4.1 Governance and structure ............................................................................................... 26 4.2 Services of NBE WSACA...
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