Commercial Bank of Ethiopia posts 13bln birr gross profit in 6 months

Addis Ababa, February 2, 2023 (FBC) – The Commercial Bank of Ethiopia (CBE) announced today that it obtained 13 billion birr in profit in the first half of the current financial year.

Commercial Bank of Ethiopia held a press conference earlier today to review its 2022/23 fiscal year half-season performance.

During the press conference, Abbie Sano, President of the Commercial Bank of Ethiopia, said that the total asset of the bank has reached 1.2 trillion Birr.

It is stated that CBE has opened 55 new branches in the last six months across different parts of the country, bringing the total number of its branches to 1,879.

Abbie also announced that the bank’s total deposit reached 978.8 billion birr by collecting 88.7 billion birr deposit in the first half of the current fiscal year.

By opening savings accounts for 2.2 million new customers, the bank aims to increase the number of its customers to 38.1 million.

In the first half of the current Ethiopian financial year, more than 1.3 trillion birr payments were made through the bank’s digital service options, the President said.

Replacing the Payment in Cash system, the digital system has accounted for 39.3 percent of the total payments of CBE, he added.