Commercial Bank Bags 17.9b Br Profit

Aug 17 , 2019

Commercial Bank of Ethiopia (CBE) earned 17.9 billion Br gross profit during the recently ended fiscal year. In the reported period, the Bank opened 157 branches, pushing the total number of branches to 1,444. It also raised its deposits to 541.2 billion Br from 451.8 billion Br the previous year. CBE earned 6.3 billion dollars from remittances, exports and other sources, which is 96pc of the target. However, the Bank’s foreign exchange earnings could not grow as expected following the decline of exports and instability, according to the management of the Bank. The Bank also gives banking service in neighbouring countries in South Sudan and Djibouti and plans to open new branches in more foreign countries. Currently, CBE has more than 20 million account holders, and the number of mobile and internet banking users reached more than 1.7 million as of June 30, 2018. Active ATM cardholders reached more than 5.2 million.


ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that pay...


AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking place at the Kenyatta International Conference Centre in late May, will focus on "Africa's Transformation," a theme reflecting the continent's ongoing pursuit of economic and social development. "Despite progress over the years, Africa's transformation remains incomplete," said Vincent O. Nmehielle...


Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...