Commercial Bank of Ethiopia’s deposits have reached almost 452 billion birr from the 364.8 billion birr in the preceding fiscal year.
ADDIS ABABA (CBE) The Commercial Bank of Ethiopia has mobilized 87 billion birr deposit during the concluded 2017/18 fiscal year, thus exceeding the plan for the year by 25 percent.
As a result, the deposit position of CBE has reached 451.8 billion birr from the 364.8 billion birr in the preceding year.
The bank’s financial report for the 2017/18 fiscal year was disclosed at the three-day annual conference held from August 23 to 25, 2018 at the African Union Commission in Addis Ababa.
The bank has obtained close to 11 billion birr profit, and its asset exceeded 565 billion birr in the stated period.
Over 100 billion birr fresh loan was disbursed and made available during the same period and 62.2 billion birr loan was collected.
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CBE’s effort to avail its services close to customers home has been successful as 66 new branches were opened and the total number of branches reached 1,288. The number of ATMs as well jumped to 1,798 from 1,501and that of POS (point of sale) terminals to 11,796 from 6,811.
In his closing remarks to the conference, CBE President Ato Bacha Gina praised the employees and management for accomplishing so much in the difficult and chaotic year in the country. He noted that business was challenging in many parts of the country.
Ato Bacha Gina, who appreciated the employees, management and stakeholders of the bank, further called on them to enhance the growth with vigor this fiscal year. To realize this, Ato Bacha advised the participants to focus on strategic issues and make innovation the center of operations of the bank.
Established as the State Bank of Ethiopia in 1942 and legally became the Commercial Bank of Ethiopia in 1963 through a number of reformations, CBE has a total of 565.5 billion Birr assets as of June 2018.
Source: CBE