ADDIS ABEBA – The Commercial Bank of Ethiopia (CBE) earned a 17.9 billion birr (603 million USD) profit last Ethiopian fiscal year, which ended July 7.
The announcement was made at a meeting that reviewed the bank’s 2018/19 FY performance on Friday, reported state-affiliated broadcaster.
According to the performance review, the bank raised its total deposit to 541.2 billion Birr from 451.8 billion Birr the previous year. It also opened 157 new branches.
The Bank paid over 3.5 billion Birr tax in the fiscal year 2018/19, making it the highest of the total 163 loyal taxpayers that earned recognition by the government of Ethiopia.