The Commercial Bank of Ethiopia (CBE) has earned a gross profit of 4.6 billion birr in the first half of the 2013/14 fiscal year, Fortune reported.

The CBE’s revenue for the period stood at 7.8 billion birr, meeting 99.9pc of its target. Its assets also reached 210 billion birr, which is more than double the assets CBE held in March 2011, according to the six-month performance report released on Friday, February 14, 2014.

During the six month period, the bank collected 16.4 billion birr in savings from the private sector. Currently, the Bank‘s saving stock has reached 167.2 billion birr.

The Bank has collected 18.7 billion birr in loans, and disbursed loans amounting to 35.3 billion birr, according to the report. The Bank provided 7.3 billion birr in loans to the agriculture, manufacturing and export industries, the report says.

In the six-month period, the Bank opened 85 new branches. CBE currently has 780 branches throughout the country. The CBE also operates 368 automated teller machines (ATMs) and 367 Point of Sale (PoS) terminals.

Source: Fortune