CBE Records 27.5b Br in Profits


CBE Records 27.5b Br in Profits

The Commercial Bank of Ethiopia (CBE) registered 27.5 billion Br in profit before taxes last year.  By far the largest commercial bank in the country, the CBE's deposits reached reached 890.1 billion Br, a 21pc jump from the previous year. Private deposits account for 74pc, or 655 billion Br, of the aggregate. The state-owned Bank collected 2.6 billion dollars in foreign currency. A little over 10pc of the total was collected from export dealings, while 2.2 billion dollars came in the form of remittances. The Bank disbursed 7.7 billion dollars in credit for imports and other payments.  The CBE collected 120.6 billion Br in loan repayments, providing 179 billion Br in credit last year. Less than a fifth of the allotments went to the private sector. The Bank opened 124 branches last year, bringing its total branch network to 1,824. Close to two billion Birr, from close to three million accounts, was mobilised from its new branches.  The Bank's CBE Birr platform garnered 3.9 million subscribers last year, bringing the total to 5.4 million. CBE executives say more than 100 branches have ceased operations due to the militarized conflict in the country's north.


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