CBE Scores 9.4b Br Profit in Half Year

Jan 26 , 2019

Commercial Bank of Ethiopia (CBE) earned a profit of 9.4 billion Br in the first half of this fiscal year. The state commercial bank mobilised 29.8 billion Br in deposits, meeting 92pc of its plan, according to Bacha Gina, president of CBE. The state giant has also transacted two billion dollars in remittances, 93pc of the target, and earned 21.8 billion Br from investments on loans and advances, meeting 70pc of its goal. The bank collected three billion dollars in foreign currency. “Loans to mega projects haven’t had as good returns,” Bacha said. The bank opened 59 new branches in the first half of the year, which have already seen deposits worth 188.1 million Birr, increasing its physical outlets to 1,346. With over 1.5 million new bank accounts opened, the total amount has reached 20.3 million customers. The bank added 1,220 additional employees with the total number of employees now reaching 33,558. The largest and oldest commercial bank in the nation, it underwent a significant executive reshuffling last year, with eight executives leaving in less than half a year.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...