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CBE Sires 13b Br Profit in 2Q, Inches Closer to a Trillion Birr Threshold

Feb 2 , 2023

The state-owned Commercial Bank of Ethiopia (CBE) has disclosed a second-quarter gross profit of 13 billion Br, showing a 13.9pc increase from the same period last year. However, the Bank is about to break a record of surpassing a trillion Birr threshold in its aggregate deposits, reaching 978.8 billion Br last week.

"We’ll pass a trillion Birr in a couple of weeks," said Abie Sano, president of the CBE.

CBE opened 55 new branches this year, bringing 2.2 million new depositors on board through a network of 1,879 branches. The Bank has increased its customer base by 6.1pc to 38.1 million, of which 8.8 million are ATM cardholders.

Its asset has already grown more than 1.2 trillion Br. Its forex earnings from remittance jumped in the second quarter by 37.4pc to 1.7 billion dollars, while it made 3.9 billion dollars in payments for fertiliser, pharmaceuticals, and fuel imports.

Abie disclosed that revenues from credit interest reached 55.8 billion Br, showing a decline of 14.6pc while disbursed 66.3 billion Br in loans and advances, a drop of 23.6pc.

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