The Commercial Bank of Ethiopia (CBE) posted a record gross profit of 80.09 billion Br for the fiscal year ended June 30, becoming the first bank to announce its annual results after its strongest performance to date. The state-owned lender reported a 146pc increase in profit, generating 272 billion Br in revenue. Speaking at a press briefing, President Abie Sano said the Bank exceeded its key performance targets and outperformed the previous year. CBE mobilised more than 700 billion Br in new deposits, raising its total deposit base to 2.4 trillion Br. It also disbursed 600 billion Br in loans during the year, with 90pc directed to private-sector borrowers, reflecting its continued shift toward private-sector lending.

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