PR Observer

Latest Breaking News and Updates

Bank Declares Close to 18 Billion Birr Profit in Fiscal Year

Addis Ababa The Commercial Bank of Ethiopia (CBE) said it has registered 17.9 billion Birr gross profit during the 2018/19 fiscal year.

This was disclosed today at the performance evaluation meeting which opened at the Headquarters of the African Union.

Opening the meeting, President and CEO of CBE, Bacha Gina said the bank has attained commendable achievement during the budget year.

We have surpassed the planned target for the fiscal year as the profit registered is over 102 percent over the last fiscal year, he added.

According to him, Commercial Bank of Ethiopia has also mobilized a huge amount of deposit pushing its total deposit over 539 billion Birr.

Noting that the bank has embarked on broad-based activities in order to become a world-class bank by 2025, Bacha stated that this success story has added to its confidence to achieve the vision.

Speaking about foreign currency earning, he pointed out that CBE has collected a total of 6.3 billion US dollars, including the transfered 2.1 billion USD it got from the National Bank of Ethiopia.

The foreign currency earned has been allotted to national, private and government development projects, he stated.

Despite the achievements, Bacha said the bank has been facing different challenges including bad debt, shortage of foreign currency, security problems and internal system failures as well as power outage.

Currently, the Commercial Bank of Ethiopia has 1,444 branches. Of these 157 new branches were opened last budget year.

Source: Ethiopian News Agency