The Commercial Bank of Ethiopia (CBE) announced record-high profits and substantial growth across key indicators for the 2023/24 fiscal year.

The bank reported a total income of Birr 135.4 billion for the year, representing a 13% increase over the previous year. Notably, CBE achieved its highest-ever pre-tax profit of Birr 25.6 billion, attributed to successful cost-reduction measures and strategic changes implemented by the bank.

Customer base and deposits have also seen growth, with the bank now serving over 45 million customers and holding total deposits exceeding Birr 1.17 trillion. In terms of lending, CBE disbursed more than Birr 218 billion in loans during the fiscal year, with 91% (over Birr 198 billion) directed towards the private sector. The bank’s total stock of bad loans has decreased to 2.6% by the end of the year.

Source: Ethiopian News Agency