State Bank Mobilises 31.8b Br in Deposits

Jan 25 , 2020


[ssba-buttons]

The Commercial Bank of Ethiopia (CBE) mobilised 31.8 billion Br in deposits in the past six months of the current fiscal year. The Bank has mobilised 24.6 billion Br from the private sector in the reported period, according to Bacha Gina, president of the Bank. Out of the 37.9 billion Br in loans the bank planned to collect, it was able to collect 30 billion Br. Comparing the achievement with the same period last fiscal year, the performance shows a 38pc increment. CBE also earned 139.4 million dollars from exports and 1.7 billion dollars from remittances in half a year. To be reached by all classes of the society, CBE has opened 114 new branches in half a year, out of which 36 are fully interest-free banks. The Bank also managed to increase its depositors to 23.5 million.


Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...