The Commercial Bank of Ethiopia (CBE) revealed that its total assets reached Birr 1.9 trillion. The bank’s President, Abe Sano, attributed this achievement to the macroeconomic reforms implemented across the country, which have shifted CBE from a state of existential crisis to a trajectory of robust growth.
Abe Sano recalled the challenges the bank faced due to its previous lending practices, which involved extending billions of Birr at low interest rates for mega projects. This, he noted, had placed the bank in a precarious financial position. However, the recent reforms have transformed CBE’s operations, ushering in a new era of stability and expansion.
The bank’s total savings have now reached Birr 1.4 trillion, with Birr 217 billion collected in the current Ethiopian fiscal year. He also credited Ethiopia’s market-based exchange regime for boosting the bank’s savings and foreign currency earnings.
The President emphasized CBE’s commitment to enhancing profitability and competitiveness in the evolving banking environment. This comes as Ethiopia’s House of People’s Representatives recently approved legislation allowing foreign banks to operate in the country, a move expected to elevate the banking sector’s performance and bolster the nation’s economic growth.
Source: Ethiopian News Agency
