CBE Secures 31.8bn birr half year profit


CBE Secures 31.8bn birr half year profit
CBE Secures 31.8bn birr half year profit

The Commercial Bank of Ethiopia (CBE) announced a 31.8 billion birr in revenue in the first half of this Ethiopian fiscal year (2019/20).

This was announced by Bacha Gina, President and CEO of the bank, at a three-day meeting kicked off today to evaluate the six-month preferences of the bank.

According to the report, the bank mobilized 24.6 billion birr, achieving 71% of the target of collecting 34.8 billion birr. It raised total deposit to 393 billion birr although the plan was 403 billion birr.

The bank missed the target of collecting 37.9 billion birr loan by obtaining 30 billion birr, achieving 79% of the plan. However, the amount collected increased by 38% compared to same period last year.

The bank also earned more than $3.1 billion from export, remittance and other sources, according to the report.

It opened 114 new branches, including 36 interest free and 1 diaspora branches. The number of clients increased to 23.5 million with the addition of 1.9 billion new customers in the first half of the fiscal year.

The report also indicated that 1.2 million new clients joined internet banking service in the reported period.


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Solomon Yimer

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