2merkato

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.

The Ministry of Mines said yesterday that regional branches of the Commercial Bank of Ethiopia in Hawassa, Jimma, Mekelle ans Assossa would start buying gold from suppliers as of October 3.

It was reported in mid July that artisan miners produced and supplied about 7,000 kg of gold to the National Bank of Ethiopia in the fiscal year to 7 July 2011. The amount was up by 144 percent from their output of 2,866kg of gold the previous fiscal year according to Sinkinesh Ejigu.

The Commercial Bank of Ethiopia (CBE) is to launch interest free banking service starting from Monday, October 28, 2013, in its 23 selected branches in Addis Abeba and in other major regional towns, Fortune reported.

The CBE has notified of the launching of its service and recieved approval from the National Bank of Ethiopia, according to Ephrem Mekuria, communication manager at CBE.

The Commercial Bank of Ethiopia (CBE), is to introduce three new categories of savings accounts, Fortune reported.

The latest class of saving accounts are categorized by age and gender, offers higher interest rates and other incentives.

The Commercial Bank of Ethiopia is to begin operating the core banking system by the end of January. Commercial Bank signed an agreement with the Temenos Group AG, a Swiss firm, to procure the IT software for an estimated 70 million birr.

The National Bank of Ethiopia instructed all commercial to adopt core banking solutions in July of last year.

The use of core banking solutions is expected to achieve a nationwide electronic payment system according to the central bank’s targets.