Ethiopia: State Giant Heightens Deposits

Aug 15, 2017 | Addis Fortune; All Africa

The state-owned giant, Commercial Bank of Ethiopia (CBE), has mobilised deposits of 76.4 billion Br during the just-ended fiscal year, raising the aggregate deposits to 365 million Br.

During the same period, CBE disbursed fresh loans of 94.5 billion Br and collected 64.6 billion Br of disbursed loans. The growth in deposits was registered in a year when the Parliament raised the capital of the Bank to 40 billion Br from 13.5 billion Br in 2015/16. CBE, whose account holders have reached close to 16 million, grossed 14.6 billion Br in profit from the total revenue of 31.9 billion Br. The 74-year-old Bank has 33,706 employees, 1,222 branches, 1,501 automated teller machines (ATMs) and 6,811 Point of Sale (PoS) terminals, having 3.7 million customers who use visa cards. It has more than 25,000 Internet banking users. The Bank's total assets have reached 485.7 billion Br. During the year, CBE generated 4.5 billion dollars in foreign currency. CBE has also reported that the construction of its headquarters building has reached 43pc. The under-construction building is located on Ras Desta Damtew Road, behind Ethiopia Hotel. The 52-storey building was started in 2015 with a plan of completing it in 1,412 days, with a projected cost of 5.3 billion Br. Source: All Africa