Ethiopia’s biggest commercial bank reports high rise in revenue

Ethiopia’s state-owned Commercial Bank of Ethiopia (CBE) on Thursday (2 Feb. 2023) disclosed a 13 billion birrs (about 243 million U.S. dollars) revenue during the first six months of the current Ethiopian fiscal year that began on July 8, 2022.
The semiannual profit of CBE, the East African country’s largest commercial bank, saw an increase of 13.9 percent compared to the profit earned in the same period of the previous fiscal year, state-affiliated Fana Broadcasting Corporate (FBC) quoted CBE President Abie Sano as saying.
The CBE president said the bank’s total overall assets had reached 1.2 trillion Ethiopian birrs at the end of the second quarter of the current fiscal year. He also said the CBE managed to collect 1.7 billion U.S. dollars in foreign exchange earnings during the past six months, showing a 37 percent increase compared to the same period of last fiscal year.
According to the president, the bank has attracted 2.2 million new customers in half a year during which it collected a total deposit of more than 88.7 million birrs.
In February last year, the CBE inaugurated a 209.15-meter-tall landmark building that serves as the bank’s headquarters, which was built by Chinese construction giant China State Construction Engineering Corporation.
Ref: Xinhua