Policy Bank Bags 950m Br Gross Profit

Feb 29 , 2020

The Development Bank of Ethiopia (DBE), the state policy bank, reported 950 million Br in profit before tax in the past six months. The Bank, which has started a five-year strategic reform plan, approved 6.3 billion Br in loans in the past six months, achieving 83pc of its target. Out of this, it disbursed 4.4 billion Br, 77pc of its target. Compared to the same period in the previous year, approved loans increased by four percent, while a seven percent reduction was seen for disbursed loans. Likewise, it collected 4.5 billion Br in loans, 118pc of its plan. Loan collection showed a 125pc increase. Total assets of the Bank, which has about 78 branches, reached 83.4 billion Br. At the end of the current fiscal year, the Bank plans to approve 13.7 billion Br, disburse 11.9 billion Br and collect 7.9 billion Br in loans.