CBE’s Annual Profit Up by 43.9% to 27.5 Billion Birr

ADDIS ABABA – The Commercial Bank of Ethiopia (CBE) said it has secured 27.5 billion Birr annual gross profit, showing a 43.9% increase from the previous year.

The CBE general assembly is discussing the 2021/22 fiscal year performance report of the bank in a two-day meeting, starting today.

Presenting the report, CBE President Abe Sano said the annual profit has grown by 43.9 percent to 27.5 billion Birr in the concluded financial year.

His report also says a total of 179.2 billion birr loans have been dispersed to various sectors in the economy. About 34 billion Birr of the loan was provided to the private sector.

In the same period, the report CBE also managed to collect 120.6 billion Birr from loans

The bank also secured a total of 2.6 billion US dollars from various sources including remittance and made $7.7 billion available for importing “essential” commodities.

Established in 1942 with a capital of one million Maria Theresa thaler (MTT) and two branches in Addis Ababa, the bank has a network of 1,824 branches and over 70, 000 employees, serving over 35.9 million customers across the country.

CBE’s total asset value has now reached 1.2 trillion, maintaining its position as the richest entity in Ethiopia.