Commercial bank of Ethiopia has earned more than 20.3 billion birr in net profit during the just concluded fiscal year of 2020/21, marking new records for the bank’s history. The bank has also collected over 140 billion birr in deposits, bringing the total deposit to 735 billion birr.
In the completed fiscal year, the bank has provided 107 billion birr in loans and bonds to various investment projects and businesses. On similar reporting, 60 billion birr has been recovered from various loans.
The bank has generated more than 2.86 billion dollar from various sources during the budget year in an effort to boost the country’s foreign exchange earnings.
According to Abe Sano, president of the bank, the total assets of commercial bank has reached 20.99 billion birr. He said that the Commercial Bank of Ethiopia (CBE) has performed better in all budgets during the just ended budget year.
“CBE has made great strides in delivering quality and technologically supported services to its customers,” said the president. According to the statement, the number of branches has reached 1700 with 31.4 million customers being severed across the country.
The number of ATM card users has reached more than 6.7 million, and similarly more than 3,091 ATM machines and more than 4,350 post terminals have been set up across the country.
Abe added that efforts to provide customers with banking services without having to go to branches have now become very effective.
The Commercial Bank of Ethiopia (CBE) is contributing to the world’s efforts to modernize the country’s payment system, he said. The Bank’s digital banking growth has grown significantly, with over 529 billion birr being transferred through digital banking during the fiscal year.
Deposit growing significantly, customer account, digital transaction growth, significant strengthened liquidity, review in structure and maintained profitability are listed as successes while loan collection, FCY generation and COVID-19 were listed as challenges that the bank had faced during the fiscal year.