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.