Sunday, May 19, 2024

CBE steps up in all angles making colossal gains


Commercial bank of Ethiopia (CBE) records 58.7 billion birr revenue in the first half of 2022/23 fiscal year, a one percent point higher from a similar period last year.
During a press conference held on Thursday February 2, 2022, Abe Sano, CEO of the bank, explained that in the 2nd quarter of 2022/23, the bank earned 58.7billion birr from various source and recorded a profit of birr 13 billion birr before tax showing marginal growth from last year similar period where the revenue recorded was 58.1 billion birr.
It is said that in the first half of the year, CBE has collect 88.7 billion birr in deposit from various deposit accounts. The total deposit account of the bank has now reached 978.8 billion birr and is now on the verge to surpass a trillion birr in the coming couple of weeks. This is a huge growth, underlined the bank, being that the figures were 890.1billion birr at the end of the fiscal year on June 2022.
In the second quarter, CBE managed to collect 55.8 billion birr from the loan that was provided by the bank for development projects in the private sector and the government.
In the second quarter of 2022/23, the bank raised 1.7 billion dollar and was able to achieve the quarterly plan by 111 percent. Also as indicated, the bank has provided 3.9 billion dollars for income trading and other business activities that require foreign currency.
During the quarter, the bank provided a total of 66.3 billion birr for investment projects and activity conducted by the private sector and the government, and it is indicated that the total amount of loan given by the bank has reached to a staggering 975.7 billion birr.
At the end of the 2nd quarter, the total assets of the bank have reached 1.2 trillion birr while the capital increased to 60 billion birr.

(Photo: Anteneh Aklilu)

The bank has also indicated in the last 6 months that more than 365million transactions worth of 1.3 trillion birr have transpired which is 233 percent greater than last year’s similar period’s performance. This has been realized through its digital banking gateway which is about 39 percent of transactions that was made in the bank which has 6 million customers on the platform. This is a huge step up from last year’s performance which had 179 million transaction worth of 386 billion birr.
The bank has also rolled out a new financial service focusing on members of the Ethiopian diaspora. It launched the EthioDirect application for a money transfer service to Ethiopia.
In this platform, users can send anywhere between $5 and $1000 directly using CBE’s money transfer application. The bank said as things stand now, the service is available to residents in nine countries.
The service is available to those who would like to send money to Ethiopia from Canada, Israel, United States of America, Italy, South Africa, Sweden, the United Arab Emirates, the United Kingdom and Saudi Arabia. Currently, the EthioDirect app is available for download on the App Store and Play Store.
It is said that CBE partnered with Eagle-Lion System Technology Private Company in developing the money transfer applications.
Abe Sano was cited saying that the banking sector in the country is being modernized with technology to hasten development to prevent illicit forex services in the country. Cognizant of this, he explained that the application offers a reliable and efficient money transfer service to Ethiopia. The service is made available for free, according to the CBE presidents.
With over 1800 branches across Ethiopia, CBE claims to have over 34 million customers.

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