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Commercial Bank of Ethiopia (CBE) has reported that it has earned 20 billion gross profit for the 2021 / 2020 budget year. The bank reported that it has collected 140 billion birr in deposits for the budget year, making it’s total deposit reach 735 billion birr.
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Amhara Bank is at loggerheads with 10 banks over repayment of interest on the paid-up capital it has collected.
The dispute arose one and a half years after the Bank officially started selling its shares to the public after coming to terms with 10 commercial banks to create accounts in which investors would deposit the money they would like to invest.
These accounts opened by the bank that has collected over six billion Birr in paid-up capital so far are closed accounts.
Executives argue that they are not obliged to pay interest on closed accounts, while Amhara Bank argues that the interest should be paid.
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The State owned Enterprises (SoEs) have generated some 300 billion birr in revenues, 38 billion birr short from the targeted revenues while securing 55.66 billion birr in profits which as well short of the 70 billion birr in profit before taxes, set for the concluded Fiscal Year.
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The following photo shows the rising skyline of Addis Ababa, near mexico square which has been dubbed the future financial sector of Ethiopia. Most private banks and the state owned commercial bank of Ethiopia are constructing head office buildings ranging from 20 to 50 floors.
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The Commercial Bank of Ethiopia (CBE) registered a net profit of 14 billion birr, achieving only 64 percent of its plan for the fiscal year 2019/2020. In a lamentation letter addressed to the staff, the President of the Bank, Abie Sano, stated that he has never reported such a result in his career as a banker and he lacks words to describe it.
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The following table shows the gross profit (before tax) and net profit (after tax) of banks in Ethiopia for the 2020/2019 budget year.
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Some private banks have stated out that their half year performance has improved compared to last year’s half year performance. Out of the 16 private banks, Awash Bank leads the pack with 2 billion birr gross profit for the 2020 / 2019 half year. Dashen Banks follows with 1.16 billion birr. Other banks have had an improved gross profit compared to last year’s performance.
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The Commercial Bank of Ethiopia (CBE) has earned a gross profit of 17.9 billion birr in the...
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With the country in the midst of a severe forex crisis, the Commercial Bank of Ethiopia (CBE) has...
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The prices of the 972 houses that were recently transferred to the lucky winners of the 40/60...
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| Currency (Code) | Buying Rate | Selling Rate |
|---|---|---|
 US Dollar(USD) | 51.4571 | 52.4862 |
 Euro(EUR) | 54.3181 | 55.4045 |
 Pound Sterling(GBP) | 60.7094 | 61.9236 |
 UAE Dirham(AED) | 12.6769 | 12.9304 |
 Saudi Riyal(SAR) | 12.4143 | 12.6626 |
