The Commercial Bank of Ethiopia (CBE), the nation’s largest state-owned bank, has reported a staggering 32.6 billion birr (about $247.8 million) profit during the first eight months of the current Ethiopian fiscal year which began on July 7, 2024.
The profit saw a 170.5 percent surge compared to the same period last year, Abie Sano, president of the bank said while presenting the bank’s performance report to the House of People’s Representatives Standing Committee on Government Enterprises.
“This exceptional profit growth reflects our strong performance in revenue expansion and effective cost control,” said Sano. “We’ve seen encouraging results across all income-generating segments of the bank.”
Sano stated that the bank’s total asset has also soared to 2.073 trillion birr (about 15.78 billion U.S. dollars), the Ethiopian Broadcasting Corporation reported Thursday.
Describing the bank’s performance as “impressive”, Sano said as of February 2025, the bank’s total deposits surged to 1.541 trillion birr, while its loan and bond reserves reached 1.393 trillion birr.
CBE’s total income for the period reached 109.32 billion birr, representing a 26 percent increase year-on-year.
The strong financials are being attributed not only to higher revenues but also to improved credit quality, he said.
Sano noted that the bank’s non-performing loan (NPL) ratio has declined, and provisions for bad loans have significantly decreased—further boosting the bottom line.
These figures, according to the bank’s president, show CBE’s strong position in the Ethiopian banking sector and its commitment to expanding financial services across the country.
The report highlighted that CBE has successfully increased its market share in key performance indicators since the beginning of the fiscal year, signaling a competitive edge in a rapidly evolving financial landscape.
Sano further emphasised the bank’s dedication to supporting economic growth across the country by providing substantial loans to customers.
MG/as/APA