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Three financial institutions obtain 10.7 bn birr profit in 6 months

Addis Ababa, February 21, 2020 (FBC) -The Commercial Bank of Ethiopia (CBE), the Development Bank of Ethiopia (DBE) and the Ethiopian Insurance Corporation have jointly earned 10.7 billion birr profit before tax in the first half of this fiscal year.

The revenue increased by 11% to 10.7 billion, from the initial target of 9 67 billion birr for the period, according to Wondafrash Assefa, Corporate Communication Director at the Public Enterprises Holding and Administration Agency.

The Commercial Bank of Ethiopia (CBE) took the lion’s share of the profit, obtaining 9.33 billion birr, followed by the Development Bank of Ethiopia 951.6 million and Ethiopian Insurance Corporation 427.89 million birr.

The three financial institutions earned a total of 36.64 billion birr in revenues in the reported period.

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