Ethiopia’s State Owned Financial Institutions Total Asset Reached 523 Billion Birr

The 3 financial enterprises owned by the state have registered a total asset of 523 billion Birr by the end of last fiscal year. The news was disclosed by the Ethiopian Public Financial Institutions Agency (PFIA).

When compared to the previous year, last fiscal year’s performance shows an increase of 82.64 billion

Sentayehu Woldemichael (Dr.), the Agency’s Director General, explained the total asset of Commercial Bank of Ethiopia (CBE), Development Bank of Ethiopia (DBE) and Ethiopian Insurance Corporation had reached 523 billion Birr.

The plan set by the Agency for the fiscal year was to have a total asset worth 517 billion Birr, Sentayehu explained. From the total asset, 85 percent is owned by CBE with 465.8 billion Birr, he added.

The total profit made by the 3 public finance institutions was 15.64 billion Birr. Out of this, 95 percent goes to CBE.

Source: Fana Broadcasting Corporation

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