Assets of Commercial Bank of Ethiopia close to 1TN Birr

The total assets of the Commercial Bank of Ethiopia (CBE), Ethiopia’s largest state-owned bank in East Africa, now stand at nearly one trillion birr. The bank’s total deposits reached 735 billion Birr, with collection of 140 billion Birr in fiscal year 2020/21, and generating gross profit of 20 billion Birr.

CBE also said it served some 31 million customers through its more than 1,700 branches during the year and processed 529 birr digitally, with a foreign exchange flow of $ 2.86 billion. Remittances had the lion’s share of the foreign exchange flow, we learned.

In fiscal year 2020/21, the bank made 197 billion Birr loans and collected 60 billion Birr.

In the first quarter of Ethiopia’s fiscal year which began on July 8, 2021, CBE opened 38 additional branches, provided Birr 36.8 billion in loans and collected Birr 51.1 billion of the money loaned.

CBE, which currently has 32.7 million customers and 1,738 branches. hired McKinsey & Company to conduct a quality review of its loans and assets.

Source: Addis Fortune

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