Commercial Bank of Ethiopia Declares over 13 Billion Birr Gross Profit

Addis Ababa April 28 /2021 (EAN) The Commercial Bank of Ethiopia (CBE) said it has registered 13.4 billion Birr gross profit during the past nine months of the Ethiopian budget year.

This was disclosed today at the performance evaluation meeting which opened at the Headquarters of CBE.

Opening the meeting, CBE President and CEO Abe Sano said the bank has achieved 82.4 percent of the 124.4 billion Birr deposit target during the nine months. The total deposit of CBE is now close to 700 billion Birr.

Speaking about foreign currency earning, he pointed out that CBE has earned a total of 216 million US dollars as well as 2.13 billion USD remittances during the period.

Despite the achievements, Abe noted that the bank has been facing different challenges including, loan collection, shortage of foreign currency, COVID-19, and security problems in some parts of the country.

According to the president, the Commercial Bank of Ethiopia is reinforcing critical financial reforms that have brought about confidence to achieve the vision.

Currently, the Commercial Bank of Ethiopia has 1,666 branches. Of these, 62 were opened across the country in the last nine months.