The President of the Commercial Bank of Ethiopia, Abe Sano, announced that the bank’s profit reached Birr 27.5 billion during the 2021/2022 fiscal year. The news was heard during the bank’s general assembly on Thursday.

According to the President, the profit secured in the just ended Ethiopian fiscal year was 43.9% higher than the profit obtained during the 2020/2021 fiscal year. The bank’s total assets also reached Birr 1.2 billion and its total deposits gained an 11% increment totaling Birr 154.9 during the last fiscal year.

Abe Sano stated that the bank’s ATM users totaled 7.73 million while mobile banking users reached 5.94 million. This was a result of various approaches which were implemented by the bank to increase the overall efficiency of the bank in the provision of services, it was learnt.

It was also revealed that the Bank provided loans which amounted to Birr 179.2 billion during the concluded fiscal year out of which Birr 34 billion reached the private sector. The bank was also able to collect Birr 120.6 billion from various loans in the same fiscal year which, according to the President, was 102.5% more than what was collected during the previous fiscal year.

Commercial Bank of Ethiopia is the largest bank in Ethiopia with 1,824 branches and 35.9 million deposit accounts.

Source: Ethiopian News Agency and Capital Ethiopia