Ethiopia’s Commercial bank deposit reaches US$ 4 billion

APA-Addis Ababa (Ethiopia) The Commercial Bank of Ethiopia (CBE) announced on Thursday in Addis Ababa that its deposit has reached around US$4 billion, which shows over US$ 70 million rise in the past six years.

“CBE continues to pay cardinal attention to supporting national development strategies by availing the funding needed to finance development priorities.

To this end, deposit mobilization, foreign currency earnings and collections are at the heart of its operations,” said the bank.

CBE is the major financial body of the government.

commercial-bank-of-Ethiopia

While reporting its six month report, the bank said that its deposit has shown an increase since the past few years, which is contributing to the country’s economic growth.

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“During the period, the Bank collected US$ 225.7 million, showing 14.8% increment over the plan and 45% increment over previous year same period performance,” said CBE in its half year report.

The foreign currency earned from exports reached 99.0% of target accomplishment, said the bank.

“Total collections from term loans and bonds stood around US$ 400 million up 8.4% from plan.

Total capital and reserve of the Bank reached over US$ 350 million reflecting 0.1% and 4.7% growth from the plan and June 2010 positions,” said CBE.

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It also indicated that profit before tax reached around US$ 90 million, with a marginal increase of 0.3% and 4.5% over plan and previous year same period results respectively.

On the other hand, the Bank reported the opening of 111 branches, surpassing the annual target of 100 branches.

CBE has a branch is Southern Sudan, Juba, which was opened a couple of years back.

Commercial bank of Ethiopia future headquarter building
Commercial bank of Ethiopia future headquarters building design (photo: CBE)

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