CBE Scores 9.4b Br Profit in Half Year

January 26 , 2019


CBE Scores 9.4b Br Profit in Half Year

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.


Radar

Leather Industry Struggles to Meet Expectations

The struggling leather industry managed a little over 33 million dollars in export earnings over the first 10 months of the financial year. It is less than half of officials' aspirations to generate 69 million dollars over the same period, and highlights the troubles faced by the industry over the past few years. Exports from finished leather goods plunged 72pc last year from three years ago. Only eight finished leather manufacturers accounted for 89pc of last year's export earnings, sh...


Radar

Corporation Calls on Suppliers for 200,000tn Sugar Procurement

Executives of the Ethiopian Sugar Corporation have taken steps to procure 200,000tn of sugar from international suppliers. The Corporation had invited shortlisted companies to submit offers, after an attempt to procure the sugar through an international tender went awry. However, officials at the Ministry of Finance instructed its executives to scrap the invitation and proceed to float a second bid. The shortlisted suppliers have also been invited to take part in the bidding process. T...


Radar

TAGGED

Youth in the National Theatre area are waiting for the bus to start moving. They have found a handle to grab and accelerate them ones its starts moving as they ride their skateboard. Although skateboarding is nearly unheard of in Ethiopia, over the past few years, young people have developed a taste for it. Safety, though, leaves a lot to be desired...