Development Bank of Ethiopia Declares a 6.5b Br Profit

Aug 5 , 2023

Development Bank of Ethiopia declared a 6.5 billion Br profit for the ended fiscal year nearly doubling the figure from last year. The Bank President Yohannes Ayalew (PhD) announced the report last week at the headquarters on Tito Street, during a briefing that saw the attendance of Getachew Wake, vice president and Getachew Belay, acting vice president. Yohannes said the policy bank managed to lower its nonperforming loan from 43pc of a few years ago to 11.3pc including the ones in Tigray Regional State. Implementing the five years strategic plan that started three years ago was cited by the Bank president as a reason. DBE's capital has grown to 38 billion Br from 2.6 billion Br three years ago. It collected 25 billion Br from bonds bought by banks and pension funds last year. According to Yohannes, it should approve five times the capital for loans on its current status. The policy bank approved 46.4 billion Br loan requests after evaluating project proposals for the manufacturing, agriculture and mining sectors. It has collected 13.5 billion Br of loans previously disbursed. DBE has doubled its districts to 24 while expanding adding 22 branch offices in the year.


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