Commercial Bank of Ethiopia declared 17.9 billion birr profit

Commercial Bank of Ethiopia

August 16, 2019

In a performance evaluation meeting with staff members organized at the African Union in the capital Addis Ababa on Friday, Commercial Bank of Ethiopia declared 17.9 billion Ethiopian Birr profit for the fiscal year that ended last month. 

President of the bank Bacha Gina , he was appointed after Abiy Ahmed assumed the office of the prime minister in 2018, said that this year’s profit is up by 7 billion birr from one that was recorded in the previous fiscal year, as reported by Ethiopian News Agency (ENA).

“We have surpassed the planned target for the fiscal year as the profit registered is over 102 percent over the last fiscal year,”  ENA quoted him as saying.

He also claimed that net worth of the Bank is now 712 billion birr (which is over 25 billion US Dollars) of which 145 billion birr worth of wealth created in the fiscal year that ended in July.

Project growth for the total deposit was 87 billion birr and the bank has recorded 89 billion birr in deposit growth, as reported by ENA.

The total amount of deposit has reached over 541 billion birr.

In terms of foreign currency, the bank says that it has managed to get over US$ 6.3 billion from export trade and remittance from Ethiopian Diaspora.

Commercial Bank of Ethiopia has 1444 branched across the country of which 157 them were opened during 2011 Ethiopian budget year (2018/2019 G.C).

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