(3 minutes read)
The Commercial Bank of Ethiopia secured a Birr 13 billion profit during the past six months. Its revenue increased to Birr 58.7 billion. The bank’s total assets also reached Birr 1.2 trillion and the bank opened 55 new branches increasing the number of its branches in the country to 1,879
The Commercial Bank of Ethiopia secured a Birr 13 billion profit during the past six months. Its revenue increased to Birr 58.7 billion. The bank’s total assets also reached Birr 1.2 trillion and the bank opened 55 new branches increasing the number of its branches in the country to 1,879.
CBE also managed to get USD 1.7 billion foreign currency in the first half of the current fiscal year, an increase of 111%. The bank’s ATM users and mobile banking users increased to 8.8 million and 6 million, respectively. The bank was able to secure a profit of Birr 27.5 billion during the 2021-22 fiscal year.
Read Also:
https://trendsnafrica.com/ethiopia-mulls-opening-its-skies-for-foreign-investors/
https://trendsnafrica.com/ethiopia-and-somalia-to-collaborate-to-develop-the-aviation-sector/
The Bank has the powers to mint coins, prints and issues the legal tender currency, and regulates the country’s money supply. It also regulates the applicable interest rate and other cost of money charges.
