BusinessNews

CBE Earns Record High Profit of 20.3bln Birr

ADDIS ABABA – Commercial Bank of Ethiopia (CBE) said it has earned 20.3 billion birr gross profit during the 2020/21 fiscal year, which ended on Wednesday.

“The profit is the highest the bank has registered in a year,” said Abe Sano, president of the CBE during a press briefing today.

It has shown a 36 percent increase as compared to the previous budget year’s performance, reported the bank, which collected a total of 81 billion birr revenue in 2020/21 FY.



Last year, the Bank managed to register only 14 billion birr profit, which prompted a damning evaluation from its officials.

The performance this year seems to appease them as it is the highest the bank netted in its 80-year long history.

The state-owned bank also mobilized a record high of 140 billion birr deposit during the fiscal year. The total deposit of CBE has now reached 735 billion Birr.

The state bank, however, managed to collect only 2.86 billion US dollars from remittances and other sources during the period.

The Commercial Bank of Ethiopia currently has 1,700 branches and 31.4 million customers. Of these, 6.7 million people use the ATM service of the Bank which has, so far, installed 3, 091 ATM and 4, 350 POS machines across the nation.

The bank said, as part of its effort to modernize the banking service, investing on its internet banking services.

“The number of users is increasing at a higher rate,” Abe said, adding a total of “529 billion birr worth of transactions have been made via the internet banking system” during the entire budget year.

During the fiscal year, the bank said, it has dispersed a total of 107 billion birr loan but managed to collect 60 billion birr loan.

The Bank remains to largest commercial bank in Ethiopia owning 999 billion Birr in assets, according to its latest financial report.