The four state owned financial enterprises have earned a total of 6.28 billion Birr during the last six months of the fiscal year, Government Financial Enterprises Agency (GFEA) disclosed. The institutions attained 93.02 percent of their plan.

This year’s performance shows an increment of 11.74 percent when compared to the same period last year.

The Agency has three banks and one insurance firm under it. The banks are Commercial Bank of Ethiopia (CBE), Development Bank of Ethiopia (DBE) and Construction and Business Bank (CBB). On the other hand Ethiopian Insurance Corporation (EIC) is the only insurance firm under the Agency.

GFEA noted the three banks generated over 3.09 billion USD contributing a lot for the foreign currency reserve of the country showing a 3.15 per cent increment.

During the six months the banks extended a total of 19.12 billion Birr as loan to their clients. CBE and DBE gave 15.30 and 3.13 billion Birr loan respectively.

Commenting on the development Dr. Sintayehu Wolde-Michael, the Agency’s Director General, said the four financial institutions registered 312.23 billion Birr total asset. This also has shows an increment of 22.15 percent.

The Director General added the enterprise’s capital including the reserve has rose to 18.32 billion Birr. It has also managed to meet 88.7 percent of the target it aimed for and show a 13.86 percent increment in performance.

CBE alone registered 5.44 billion Birr profit. Its deposit rose to 260.47 billion Birr and is currently operating 909 branches all over Ethiopia.

DBE and CBB made 599.42 million Birr and 21.29 million Birr profit respectively. EIC on the other hand collected 215.86 million Birr in the six months period.

Source: Ethiopian Herald