The state owned financial giant, Commercial Bank of Ethiopia (CBE), total assets will soon climb to a half trillion birr.
The bank disclosed in its annual performance for the 2016/17 financial that it has registered massive progresses in every aspect of the banking activity.
The biggest bank in the country stated that its assets reached to 485.7 billion birr by the end of the financial year. The capital of CBE has also reached to 40 billion birr. Recently, the government approved a capital increase.
For the year the bank has earned close to 32 billion birr in revenue. Of which the gross profit before tax is 14.6 billion birr.
In the budget year, an additional 76.4 billion birr has mobilized from depositors. During the ended fiscal year the total deposit mobilization of CBE has reached 365 billion birr.
In the financial year 94.5 billion birr in loans has been dispersed for businesses and projects, while duing the same period the bank has collected 64.6 billion birr from client loans.
The bank has collected USD 4.5 billion via remittances export trade and other businesses.
The bank that is in the process of celebrating its 75th anniversary plans to expand its overseas branches. It has reopened the Djibouti branch, and will soon open in other places with a large amount of Diaspora.
Last year the bank opened 85 new branches giving them a total of 1,222.
The number of account holders at the bank has reached 15.9 million. Last year 2.7 million opened a new account.
Source : Capital