Commercial Bank of Ethiopia Earns over 58 Billion Birr in Half Year

The Commercial Bank of Ethiopia (CBE) has generated over 58 billion Birr revenue in the past six months, according to Ministry of Finance.
The Ministry disclosed this during a meeting held on Tuesday to evaluate the half year performance of the Bank.

The bank has earned 58.1 billion Birr revenue from July to December in this Ethiopian fiscal year, performed 136 percent of the planned revenue.

The bank that has also planned to generate 1.4 billion USD foreign currency in the past six months, managed to earn 1.26 billion USD, which is 84.4 percent.

The saving performance of the bank has reached 823 billion Birr in the half year, showing 21 percent increase compared to same period last year.

Finance Minister, Ahmad Shide, who chaired the meeting, pointed out that the bank has improved credit management and monitoring capacity following the reshuffle of its management.

He also urged CBE to enhance the amount of private sector saving and increase digital banking services.

The Minister further stressed the need to sustain the healthy financial system and become more competent by expanding new technologies.

Source: Ethiopia News Agency