Thursday, November 30, 2023
NewsCBE grosses 27.5 bln birr profit last year

CBE grosses 27.5 bln birr profit last year

The Commercial Bank of Ethiopia grosses 27.5 billion birr profit during the just-ended fiscal year. It is 43 percent higher than the Bank’s profit in 2020/21.

It is a historic-high performance that helped the financial institution surpasses its target during a period when the banking industry is under pressure due to forex shortage and economic slowdown caused by the unrest in North Ethiopia and different parts of the country.

CBE also managed to increase its total assets to 1.7 trillion birr, while its outstanding deposit has reached 1.7 trillion birr. Led by Abie Sano, its president, CBE commands almost 50 percent of the credit market in the financial industry.

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