Commercial Bank of Ethiopia (CBE) disclosed in the first 6 months of the current fiscal year, it extended more than 40 billion Birr loan for different development projects.

According to the bank, the loan was sourced from deposits mobilized and loans recovered during the period. In the 6 months period the bank managed to recover 28.2 million Birr loan.

During the same period the bank also gained 2.2 billion USD from remittance and export. Out of these money, 332.5 million USD was earned from export while 1.9 billion USD was from remittance.

According to a press release dispatched by the Bank, its total asset has reached 414.6 billion Birr.

The state owned bank is said to have more than 1,150 branches across the country.

Source: Ethiopian News Agency