CBE Looms a Trillion Birr Threshold

Feb 4 , 2023

The state-owned Commercial Bank of Ethiopia (CBE) reaches 978.8 billion Br in its aggregate deposit, announcing it is about to break a record of surpassing a trillion Birr threshold last week. The Bank President Abie Sano expects to pass the mark in a couple of weeks. CBE has disclosed a second-quarter gross profit of 13 billion Br, showing a 13.9pc increase from the same period last year. Abie disclosed that revenues from credit interest reached 55.8 billion Br, showing a decline of 14.6pc while disbursed 66.3 billion Br in loans and advances, a drop of 23.6pc. The Bank's asset has already grown by more than 1.2 trillion Br. Its forex earnings from remittance jumped in the second quarter by 37.4pc to 1.7 billion dollars, while it made 3.9 billion dollars in payments for fertiliser, pharmaceuticals, and fuel imports. The Bank opened 55 new branches this year, bringing 2.2 million new depositors on board through a network of 1,879 branches. It has increased its customer base by 6.1pc to 38.1 million, of which 8.8 million are ATM cardholders.