CBE Records Close to a Trillion Birr in Assets


CBE Records Close to a Trillion Birr in Assets

The state-owned giant Commercial Bank of Ethiopia (CBE) has recorded total assets worth close to a trillion Birr, making it the country's richest entity. The Bank's management also announced that they have managed to register a record-breaking 20 billion Br in gross profits for the fiscal year 2020/2021. The Bank collected 140 billion Br in deposits over the same period, reaching total deposits of 735 billion Br. A total of 19 trillion Br passed through the Bank's 1,700 branches, which serve some 31 million clients, while 529 billion Br was transacted over its digital banking services. The CBE had a forex inflow of 2.86 billion dollars, mainly through remittance. It provided loan and bond services worth 107 billion Br over the year, and managed to collect 60 billion Br in return. The Bank has hired McKinsey & Company to undertake a full quality review of its loans and assets.

[ssba-buttons]

Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...