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.
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