Commercial Bank of Ethiopia (CBO)’s total asset has reached 242.7 Billion Birr by the end of the previous fiscal year. This figure is just eight Billion Birr short of quarter of a trillion.

During this period the Bank extended 79 Billion Birr in loan. According to the Bank’s Business Development Officer, Yishak Mengesha, and Communication Manager, Ephrem Mekurya, CBE provided loan facilities for huge projects in manufacturing, export and industrial activities.

The two officials also disclosed CBE collected 38.2 Billion Birr from loans it has given for various projects. They furthered the Bank’s non-performing loans stand at 1.4 percent, which is below the standard. They attribute this to the feasibility of the proposals of loan requests were examined by professionals.

During the 2013/2014 fiscal year CBE managed to collect a total of 34.9 Billion Birr from the private sector. With regard to foreign exchange, the Bank collected U.S $ 5.5 Billion which shows an increase in U.S $ 720 Million when compared to the 2012/2013 fiscal year.

CBE is currently using a database system it acquired from the US-based IT solutions provider, Oracle, and the hardware capacity is very high and supplied by IBM.

According to Yishak and Ephrem, CBE is using an IT system used by many world class banks and applies an application called Application T-24 technology.

During the just ended fiscal year, CBE created a total of 3,905 new job opportunities, the two officials noted.

Source: The Reporter