Commercial Bank Bags 17.9b Br Profit

Aug 17 , 2019

Commercial Bank of Ethiopia (CBE) earned 17.9 billion Br gross profit during the recently ended fiscal year. In the reported period, the Bank opened 157 branches, pushing the total number of branches to 1,444. It also raised its deposits to 541.2 billion Br from 451.8 billion Br the previous year. CBE earned 6.3 billion dollars from remittances, exports and other sources, which is 96pc of the target. However, the Bank’s foreign exchange earnings could not grow as expected following the decline of exports and instability, according to the management of the Bank. The Bank also gives banking service in neighbouring countries in South Sudan and Djibouti and plans to open new branches in more foreign countries. Currently, CBE has more than 20 million account holders, and the number of mobile and internet banking users reached more than 1.7 million as of June 30, 2018. Active ATM cardholders reached more than 5.2 million.