The Commercial Bank of Ethiopia (CBE), the largest bank in East Africa and owned by the Ethiopian government, declared it has collected a profit of over $295 million (9.33 billion birr) before tax during the first half of this fiscal year. In a related note, the other two government-owned financial institutions, the Development Bank of Ethiopia and Ethiopian Insurance Corporation collected profits of $30 million (951.6 million birr) and $13.53 million (427.89 million birr) during the period, respectively.

Wondafrash Assefa, Corporate Communication Director at the Public Enterprises Holding and Administration Agency, pointed out that the joint profit of the three financial institutions, which sums up to be $338.35 million (10.7 billion birr), exceeds the initial target set for the six months by 11 percent. The target for the period was to collect gross profit of $305.78 million (9.67 billion birr).

The Commercial Bank of Ethiopia, the Development Bank of Ethiopia, and Ethiopian Insurance Corporation have jointly registered a revenue of $1.16 billion (36.64 billion birr) during the six months period.

Source: FBC