Commercial Bank of Ethiopia Garners 31.8bln Br Revenue in Six Months

ADDIS ABABA – The Commercial Bank of Ethiopia (CBE) said it has collected 31.8bln birr revenue during the first half 2019/20 Ethiopian budget year.

The Bank’s president Bacha Gina revealed the revenue while making the opening speech at the three-day performance evaluation meeting today, CBE says in a twitted statement.

The performance report indicated that the bank has failed to hit its target for the amount of money it has both mobilized and deposit, but managed to increase the number of its customers by 1.9mln to 23.5mln during the period.

About 24.6bln birr has been mobilized, achieving only 71% of the target of collecting 34.8bln birr, according to the six-month performance report.

Ethiopia’s biggest commercial bank has also raised a total deposit to 393bln birr although the plan was 403bln birr.

The bank also missed the target of collecting 37.9bln birr loan by obtaining 30bln birr, achieving 79% of the plan.

However, the amount collected increased by 38% compared to the same period last year, the report says.

The bank also earned more than 3.1bln US dollars from export, remittance and other sources, according to the report. The amount shows a hundred million US Dollars increase when compared to the same period of last Fiscal year.

Image Caption: A client uses an automated teller machine (ATM) at the Commercial Bank of Ethiopia in Addis Ababa, Ethiopia, July 31, 2019. [Photo File/Maheder Haileselassie]