CBE Deposits Reach One Trillion Birr

The Commercial Bank of Ethiopia has reached a significant threshold, hitting a trillion birr mark in its deposits volume this week.

The milestone was recorded in the same month the state-owned financial giant reported positive performances from its half year operations.

Among them was a 14% increase in deposit mobilization. During the first two quarters, CBE accepted deposits worth 88.7 billion birr, taking the total to 978.8 billion Birr.

The volume of deposits has grown further in the past two weeks to hit a new mark.

“CBE has just crossed the milestone of Birr one trillion deposit,” President Abie Sano announced on Wednesday

Abie attributed the feat to all CBE stakeholders, but reserved a special congratulations message to “our beloved customers and employees.”

The Commercial Bank of Ethiopia has now set a new target – to double the volume of its deposits within four years.

Achieving this will require everyone’s dedicated work, Abie told a recognition event attended by employees, board of directors, government officials, and others Thursday.

The bank currently has a network of 1,879 branches and 70, 000 employees, serving 38 million customers.

CBE remains the richest financial entity in Ethiopia with its total assets valued at 1.23 trillion.