The Commercial Bank of Ethiopia, the Construction and Business Bank and the Development Bank of Ethiopia, all owned and operated by the State, declared 500 million US dollars in profit for the last financial year.
The three banks announced that the profits recorded in the reporting period were 100 million US dollars more than what was recorded in the previous fiscal period.
The profits earned by the Commercial Bank showed an increase of 90% it was noted.
The increase in revenue for the banks was primarily due to factors such as increased exports, mining and agricultural projects and remittance from Ethiopians in the Diaspora according to sources.
In related news the Commercial Bank has announced plans to increase total deposits to 256 billion at the end of the GTP period.The bank has adopted several schemes to encourage savings including the ‘Save to Win Prizes’ campaign concluded recently according to Bekalu Zeleke, President of the Bank.
The banks has managed to attain 36 billion birr in deposit through the campaign as part of its aim to reorient the national savings culture he noted.
The deposits in the bank will be invested in projects related to the national developmental agenda including the construction of sugar factories and the Grand Renaissance Dam.
Source: The Africa Report.com
