The Commercial Bank of Ethiopia has announced 3.7 billion in gross profits for the first half of the current fiscal year. The revenue earned has surpassed the bank’s target earnings as well as exceeding the bank’s performance for the same period in the previous financial year according to an official with CBE. 
The Commercial bank was able to mobilize tens of billions of birr in loans and savings also exceeding targets set said the official.
The international banking division of CBE recorded increased performance as compared to the same time last fiscal year. The bank’s performance was a reflection of the economic growth in the country according to the official.The commercial bank is expanding its presence across the country with 120 branches opened during the first half of the budget year adding up to a total of 500 branches across the country.
The CBE is active in all sectors of the national economy to the detriment of private commercial banks in Ethiopia according to industry observers who claim that such tactics are the reason for enhanced performance seen by the bank.
CBE is expected to gross more than six billion birr, 2 billion more than the profits recorded in the last fiscal year, for the current financial year according to company targets.
Source: The Reporter
