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.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email