Commercial Bank Collects $3.2b in Foreign Currency

Jul 21 , 2024

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank’s Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climate," said Abe Sano, President of CBE. "Our focus on resource mobilisation, profitability, and market share expansion has yielded positive results." For the fiscal year, CBE reported gross profit of 25.6 billion Br. Total deposits exceeded the trillion birr mark, reflecting a substantial increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion Br. CBE ranks among the top three most profitable state-owned enterprises under Ethiopian Investment Holding (EIH). The Bank issued loans and advances totalling approximately 218 billion birrs, with nearly 91pc allocated to the private sector.