CBE Scores 9.4b Br Profit in Half Year

Jan 26 , 2019

Commercial Bank of Ethiopia (CBE) earned a profit of 9.4 billion Br in the first half of this fiscal year. The state commercial bank mobilised 29.8 billion Br in deposits, meeting 92pc of its plan, according to Bacha Gina, president of CBE. The state giant has also transacted two billion dollars in remittances, 93pc of the target, and earned 21.8 billion Br from investments on loans and advances, meeting 70pc of its goal. The bank collected three billion dollars in foreign currency. “Loans to mega projects haven’t had as good returns,” Bacha said. The bank opened 59 new branches in the first half of the year, which have already seen deposits worth 188.1 million Birr, increasing its physical outlets to 1,346. With over 1.5 million new bank accounts opened, the total amount has reached 20.3 million customers. The bank added 1,220 additional employees with the total number of employees now reaching 33,558. The largest and oldest commercial bank in the nation, it underwent a significant executive reshuffling last year, with eight executives leaving in less than half a year.