The total assets of the state-owned Commercial Bank of Ethiopia (CBE) have hit the one trillion Birr mark. The Bank's total deposits reached 735 billion Br last year. Over the first quarter of this fiscal year, the CBE opened 38 branches, bringing its total network to nearly 1,800. It disbursed 36.8 billion Br in loans over the same period. The state-owned giant serves close to 33 million accounts and makes up a third of the banking industry's total capital. Earlier this month, the recently-established Liability & Asset Management Corporation (LAMC) settled 34.1 billion Br in debts owed to the CBE by three state-owned enterprises.
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