The President of Development Bank of Ethiopia, Yohans Ayalew (PhD), announced that during the concluded fiscal year the bank was able to collect ETB 10.9 billion from loans it availed. The President also stated that the Bank made a profit of ETB 3.8 billion during the same fiscal year.

The bank also reduced the level of bad loans to 17% excluding projects in Tigray region, it was reported. According to Yohanes Ayalew (PhD), many projects in Tigray went into bad loans, making the 2021/2022 fiscal year challenging for the bank.

The bank plans to collect ETB 14 billion from loans in the 2022/2023 fiscal year by strengthening efforts on loan collection. The bank also aims to reduce the level of bad loans from 17% to 10%.

Source: Fana BC