Ethiopia: Remittance Became CBE’s Main Foreign Currency Source

Commercial Bank of Ethiopia (CBE), the state owned bank, disclosed out of its entire hard currency earning during the first 6 months of the current fiscal year, 85 percent of it was from remittances.

During the first half of the fiscal year, the bank managed to bring in 2.2 billion USD in hard currency. Out of these, 1.9 billion USD was from remittance while the rest 332.5 million Birr was from exporters.

According to a report by CBE, in the first 6 months of 2016/2017 the bank made 15.5 billion Birr in revenue before tax. Out of this 7.8 billion Birr was profits before tax.

The report further noted by the end of December CBE had 414.6 billion Birr in assets. Deposit also grew during the period.

As of December 30, the bank had 1,150 branches. Its debit card (commonly known as debit cards) users reached 3.3 million.

 

SOURCE Capital

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