The total assets Commercial Bank of Ethiopia (CBE), Ethiopia's state-owned bank that is the largest in East Africa, now stand close to a trillion birr. The total deposits of the bank have reached 735 billion birr, with a collection of 140 billion birr during the 2020/21 fiscal year, and generating a gross profit of 20 billion birr.
CBE has also announced it has served some 31 million clients via its over 1,700 branches during the year and has transacted 529 birr digitally, with a forex flow of $2.86 billion. Remittance has had the lion's share of the forex flow, it has been learned.
In the 2020/21 fiscal year, the bank had given out 197 billion birr in loans and collected 60 billion birr.
During the first quarter of the Ethiopian fiscal year that started on July 8, 2021, CBE has opened 38 additional branches, gave out 36.8 billion birr in loans, and collected back 51.1 billion birr of the money it lent.
CBE, which currently boasts 32.7 million customers and 1,738 branches. has hired McKinsey & Company to perform a quality review of its loans and assets.
https://www.linkedin.com/company/2merkato
Source: Addis Fortune
