The Commercial Bank of Ethiopia (CBE) said it collected a revenue of $994 million (31.8 billion birr) in the first half of this Ethiopian fiscal year (2019/20).

Bacha Gina, President and CEO of the bank, made the announcement at a three-day meeting started today. The meeting aims to evaluate the six-month performance of the bank.

During the six months, the bank mobilized $769 million (24.6 billion birr), achieving 71 percent of its target of collecting over $1 billion (34.8 billion birr). It raised a total deposit to $12.28 billion (393 billion birr) against a plan of $12.6 billion (403 billion birr).

However, CBE fell short of its target of collecting $1.18 billion (37.9 billion birr) loan by 7.9 billion birr, collecting $937.5 million (30 billion birr), 79 of its target. But still, the mentioned amount has seen a 38 percent increase compared to the same period last year.

In these six months, the Commercial Bank of Ethiopia earned more than $3.1 billion from export, remittance, and other sources, it was learned.

The bank opened 114 new branches, including 36 interest-free and one diaspora branches. The number of clients increased to 23.5 million with the addition of 1.9 million new customers in this first half of the fiscal year.

CBE also reported that 1.2 million new clients joined its internet banking services during the six months.

Source: FBC