The Commercial Bank of Ethiopia (CBE) announced in its half-yearly report that its deposit amount has already reached one trillion ETB.
Publicizing the bank’s first-half performance report of the Ethiopian fiscal year, Yinager Dessie, President of CBE, said the bank attained 58.7 billion ETB income and 13 billion net profit.
“CBE has just crossed a historical milestone of birr one trillion deposit! Congratulations to our stakeholders; especially our beloved customers and employees,” Abe Sano said in a tweet.
Among the payments made in the first half of the fiscal year, 39.3% are completed through digital banking alternatives.
In a meeting held with CEOs of banks, on 8th August 2022, Yinager Dessie, the then Governor of the National Bank of Ethiopia (NBE), disclosed that the net income of banks has increased from 22.4 billion ETB in 2019 to 49.9 billion ETB in 2022, while the total deposits, over the last four years, increased from 899 billion in 2019, to 1.7 trillion ETB in 2022.
As of August 2022, 29 commercial banks, one development bank, 18 insurance companies, one re-insurance company, 40 microfinance institutions, six Capital goods Finance/Lease companies, and eight payment instrument issuers/system operators are operating in Ethiopia, according to NBE.