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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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Nib International Bank has managed to earn 1.4 billion birr before tax for the 2020 / 2019 fiscal year, showing an increase of 37% compared to the previous year. The bank also managed to increase it’s total deposit to 33.2 billion birr showing an increase of 21.5%.
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Cooperative Bank of Oromia (CBO) has registered it’s highest profit to date, 1.5 billion birr before tax. The bank’s total revenue increased to 5.7 billion birr which is 57% higher than the previous year’s revenue.
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Wegagen Bank has registered 1.1 billion birr profit for the 2020 / 2019 fiscal year. The bank which saw it’s profit decline by almost 300 million birr for the previous year has also managed to decrease it’s non performing loans from 4.5% to 2.8%.
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Zemen Bank has registered 1.05 billion birr gross profit for the recently ended fiscal year(June 2020), 59% increase from the previous year. This profit is the highest amount ever achieved by the bank in it’s 11 years of service.
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Awash bank, the biggest private bank in terms of profit has managed to earn 4.19 billion birr gross profit for 2020 / 2019 fiscal year, keeping it’s number one spot for the last 3 years. The bank managed to disperse loans worth 56.8 billion birr.
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The current budget year (July 08, 2019 – July 07, 2020 / ሐምሌ 1፡2011 – ሰኔ 30፡2012), has recently been closed. Most banks in Ethiopia have a very close estimate of their profit before tax and other deductions.
The following is an estimation of Ethiopian banks’ profit before tax and other deductions for the 2020 / 2019 fiscal 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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Cooperative Bank of Oromia has reported that it has earned a gross profit of 767 million birr. The net profit after tax has reached 657 million birr
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Dashen Bank has reported that it has earned 1.3 billion birr gross profit for 2019 / 2018 budget year. The net profit of the bank now stands at 1.01 billion birr. The bank started it’s operation more than 24 years ago.
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