CBE Secures 27.5 Bln Birr Profit During Concluded Fiscal Year

The Commercial Bank of Ethiopia (CBE) has announced that it has secured 27.5 Billion Birr profit during the just concluded fiscal year.

The Commercial Bank of Ethiopia (CBE) has begun its two-day general assembly on Thursday to discuss and evaluate the bank’s performance of the 2014 Ethiopian budget year.

During the opening of the meeting CBE President Abe Sano, said the bank has secured a 27.5 billion Birr profit during the year.

He stated that the profit obtained is 116.3 percent above the plan and 43.9 percent higher than the same period last year.

The president also mentioned that at the end of the fiscal year, the bank’s total assets has reached 1.2 trillion Birr.

Abe further stated that the amount of total deposits of the bank has increased to 154.9 billion Birr during the concluded budget year, which is 137 percent of the plan.

According to him, the deposit has also shown an 11 percent increment compared to the previous fiscal year.

In terms of foreign exchange performance, the bank has managed to get 282.3 million USD from foreign trade, 187.3 million USD from foreign currency purchases, and 2.2 million USD from remittances in the concluded fiscal year.

According to the president, the bank has collected 120.6 billion Birr from various loans, which he said is 102.5 percent more than in the same period last fiscal year.

During the stated fiscal year, a 179.2 billion Birr loan was provided to various sectors of the economy, he said.

Out of the total loan provided during the stated period, some 34 billion Birr was allocated to the private sector, he elaborated.

He further pointed out that various activities are being carried out to increase the use of technology by customers to increase the overall efficiency of the bank in the provision of services.

Accordingly, users of ATM have now reached more than 7 .73 million, mobile banking 5.94 million, and internet banking 39,000, he elaborated.

All the reform works launched to improve the bank’s competitiveness will be strengthened during the new fiscal years by enhancing the quality of customer service, the president vowed.

Source: Ethiopia News Agency