The Commercial Bank of Ethiopia (CBE) has announced a record-breaking gross profit of 80 billion Birr for the recently concluded fiscal year, marking an unprecedented financial performance for the state-owned giant. This milestone positions the institution at the forefront of the country’s evolving financial sector following a period of aggressive resource mobilization.
According to CBE President Abe Sano, this year’s profit represents a massive increase of 47.57 billion Birr compared to the previous fiscal year. In a notable shift from traditional state-heavy financing, the bank disbursed 648 billion Birr in new loans, with 90 percent (588 billion Birr) directed specifically toward the private sector rather than state enterprises.
The massive injection of credit has pushed the bank’s total outstanding loan portfolio to 1.64 trillion Birr. On the savings front, the CBE successfully attracted 707.4 billion Birr in new deposits over the fiscal year, bringing the institution’s aggregate deposit base to a staggering 2.4 trillion Birr.
In terms of international trade and foreign currency generation, the bank reported securing 2.1 billion USD from export sectors during the budget year. This performance contributes to a cumulative total of 5.6 billion USD in foreign exchange generated over the last two fiscal years, helping buffer national foreign reserves.
Looking forward, the financial institution has set ambitious benchmarks for the upcoming fiscal period to sustain its upward trajectory. The CBE plans to mobilize an additional 832 billion Birr in new deposits and aims to generate total revenues of 360 billion Birr, reinforcing its dominant role in Ethiopia’s economic landscape.