State Financial Institutions Gross 3.8b Br Profit

Nov 28 , 2020

The three state-owned financial institutions under the Public Enterprise Holding & Administration Agency have grossed 3.8 billion Br in profit during the first quarter of this fiscal year. Commercial Bank of Ethiopia (CBE), the Ethiopian Insurance Corporation (EIC) and Development Bank of Ethiopia (DBE) are three institutions that have achieved 87.4pc of the targeted 4.4 billion Br profit. The largest share is controlled by  Commercial Bank of Ethiopia, which accounted for 81pc of the total value with 3.1 billion Br. DBE and EIC follow with 455 million Br and 260 million Br in profits, respectively. The companies have also bagged 19 billion Br in revenues, 95pc of the plan, during the reporting period. During the past fiscal year, the 22 public enterprises under the Agency grossed 300.5 billion Br and 55.6 billion Br in revenues and profit, respectively.