Some private and commercial bank of Ethiopia (State bank) have stated out that their half year performance has improved compared to last year’s half year performance. This news comes amidst reports that all banks in Ethiopia are currently experiencing cash liquidity problems.
Out of the 16 private banks, Awash Bank leads the pack with 2 billion birr gross profit for the 2020 / 2019 half year profit. Dashen Banks follows with 1.16 billion birr.
Other banks have had an improved gross profit compared to last year’s performance. Oromia, Wegagen, Zemen, Coperative Bank of Oromia, Anbessa / Lion, Abyssinia Bank have managed to gross between 500 – 900 million birr profit in 2020 / 2019 half year performance. Accordingly, it is safe to assume that most of the above listed banks will cross 1 billion birr annual profit.
Last year (2019 / 2018), only 3 banks, namely Awash, Dashen and Abyssinia managed to cross the 1 billion birr profit.
Commercial Bank of Ethiopia (CBE) announced a 31.8 billion birr in revenue in the first half of this Ethiopian fiscal year (2020 / 019).
According to the report, the bank mobilized 24.6 billion birr, achieving 71% of the target of collecting 34.8 billion birr. It raised total deposit to 393 billion birr although the plan was 403 billion birr.
The bank missed the target of collecting 37.9 billion birr loan by obtaining 30 billion birr, achieving 79% of the plan. However, the amount collected increased by 38% compared to same period last year.