The Commercial Bank of Ethiopia (CBE) said it has earned over $639 million gross profit during the past Ethiopian fiscal year which ended on July 7,2019.
“We have surpassed the planned target for the fiscal year as the profit is over 102 percent over the last fiscal year,” President and CEO of CBE, Bacha Gina said at the meeting held at of the African Union headquarters on Friday .
Opening the meeting, said the bank has attained commendable achievement during the budget year and managed to mobilize a huge amount of deposit amounting to over $19 billion.
Speaking about foreign currency earning, he pointed out that CBE has collected a total of $6.3 billion, including the transfered $2.1 billion it got from the National Bank of Ethiopia.
The foreign currency earned has been allotted to national, private and government development projects, he stated.
Despite the achievements, Bacha said the bank has been facing different challenges including bad debt, shortage of foreign currency, security problems and internal system failures as well as power outages.
Currently, the Commercial Bank of Ethiopia has 1,444 branches, 157 of which were opened during the last budget year.
MG/as/APA