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.
Development Bank of Ethiopia has earned a net income of 491 million Ethiopian birr during the 2011/12 fiscal year. The Banks annual report, which was approved by its board of directors in Bahir Dar last week, indicates, it has surpassed its target of approving 7.9 billion birr worth of loans.
The largest portion of the approved loans was for companies engaged in the industrial sector. The industrial sector has received 5.8 billion birr in total, 143 percent higher than what the bank has targeted to loan out to the sector. Foreign companies, such as Saygin Dima, which got over one billion birr of loans approved last year, were the major beneficiaries.
The Development Bank of Ethiopia (DBE) announced that it was ready to launch the fourth round of the National Training Program of Small and Medium Scale Enterprises. The bank registered 435 thousand applicants for the training while its target was to train 50 thousand individuals.
The Development Bank of Ethiopia (DBE) has reduced its bad loans from 57 percent to 6.5 percent, following reforms implemented over the past five years. In the most recent Ethiopian fiscal year, the bank extended loans worth Birr 32 billion and recorded a profit of Birr 5.5 billion.
Development Bank of Ethiopia (DBE) said that it would not be financing any government sector in the 2022/2023 fiscal year. The bank will avail Birr 30 billion for approval and Birr 24 billion for disbursement that will be allocated to private investments which are involved in agriculture and industry and small and medium enterprises.
