Commercial Bank of Ethiopia asset rises to $20.8 Billion USD


Ethiopia’s state owned Commercial Bank of Ethiopia (CBE) said its total asset is near $20.8 Billion US Dollar (485.7 billion birr ETB). The nation’s biggest bank said its revenue for the just ended fiscal year was $1.4 Billion USD (32 Billion ETB) and capital was $1.7 Billion USD (40 Billion ETB).

In the fiscal year 94.5 billion birr in loans has been dispersed for businesses and projects, while during the same period the bank has collected 64.6 billion birr from client loans.

The bank has collected USD 4.5 billion via remittances export trade and other businesses.
The bank that is in the process of celebrating its 75th anniversary plans to expand its overseas branches. It has reopened the Djibouti branch, and will soon open in other places with a large amount of Diaspora.

Last year the bank opened 85 new branches giving them a total of 1,222. The number of account holders at the bank has reached 15.9 million. Last year 2.7 million opened a new account.

Source: Capital

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