CBE Garners 58.1 Billion Birr Revenues within Six Months

ADDIS ABABA – Commercial Bank of Ethiopia (CBE) has recorded a 58.1 billion birr revenue in the first half of the current 2021/22 fiscal year, reveals its six month performance report.

The report was a subject of a review meeting held between Officials the state-run bank and officials of the Ministry of Finance and Public Enterprises Administration Holding Agency on Tuesday.

According to the report, CBE’s six month revenues is 136% higher than the figure the bank managed to collect in the same months last year.

The bank, however, has failed to achieve in its plan to secure foreign exchange amounting to 1.4 billion dollars.

Within the six month period, CBE has collected 1.26 billion dollars from various sources, achieving 84.4% of its target.

Established in 1942 with a capital of one million Maria Theresa thaler (MTT) and two branches Addis Ababa, the bank has a network of more than 1,800 branches, serving over 31.4 million customers across the country.

CBE’s total asset is worth 1.1 trillion Birr, making the bank Ethiopia’s richest entity.