Commercial Bank of Ethiopia’s Total Assets Reach Nearly 2 Trillion Birr

Addis Ababa December 28/2024 (ENA)—The total assets of Commercial Bank of Ethiopia (CBE) have reached 1.9 trillion Birr, the bank’s President, Abe Sano disclosed.

The President explained that the macroeconomic reforms of the country have also shifted the bank from a state of existential crisis, adding that the bank has now embarked on a state of greater growth.

Approached by POA, CBE’s President Abe recalled that CBE’s previous lending practices had led to a serious crisis.

In Particular, Abe mentioned that the bank had been facing existential crises due to its continued lending of billions of Birr at low interest rates for the construction of mega projects in the country.

Currently, the bank has been on a path of greater trajectory and success with the reforms that have been made, he pointed out.

To this effect, the president explained that the recently implemented macroeconomic reforms have transformed the overall activities of Commercial Bank of Ethiopia to a new chapter.

As a result of the reform, the bank is now in better posture in all aspects, he indicated, confirming that it will continue to work to increase its profitability through reinforcing its competitiveness in the current favorable banking environment.

According to the president, the total assets of the bank have now reached 1.9 trillion Birr and its total savings have also reached 1.4 trillion Birr.

Moreover, a newly introduced Ethiopia’s market-based exchange regime has enabled the Commercial Bank of Ethiopia to register significant growth in savings besides foreign currency earnings.

Consequently, he pointed out that the bank has been able to collect   217 billion Birr in savings so far in the current Ethiopian fiscal year.

As the macroeconomic reforms created an enabling environment, Abe noted that the Commercial Bank of Ethiopia is carrying out various activities to maximize its competitiveness   both at national and international banking industry.

Recall that the House of People's Representatives, in its 11th regular session, has recently approved a draft Proclamation that allows foreign banks to engage  in Ethiopia’s banking sector.

The new proclamation is highly anticipated to enhance the competitiveness of the Ethiopian banking sector and contribute significantly to the continued economic growth of the East African nation.