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Ethiopia’s financial giant, the Commercial Bank of Ethiopia (CBE), has earned a record high profit in the just concluded Ethiopian budget year. CBE cashed in 7.9 billion birr gross profit in the 2011/12 budget year, Capital learnt. This is almost double of what it had cashed in as gross profit in the 2010/11 budget year; more than 4.2 billion birr.
The total deposit of the bank has surpassed 86.5 billion birr while the total collection of credit from bonds and term loans amounted to more than 17.6 billion birr in the budget year. The outstanding loan of the bank stands at 74.4 billion birr including treasury bond purchases as of last August.
In its bid to mobilize deposits, CBE plans to raise its number of accounts by 25 percent every year. It also plans to launch 100 new Automated Teller Machines (ATM) and open an additional 80 branches equipped with modern banking IT infrastructure every year over the coming four years . Currently, it operates 58 ATM machines.
The bank branch network has reached more than 525. This makes the financial giant the most accessible bank in the country. CBE has a total asset worth more than 114.2 billion birr, 6.2 billion birr capital and reserve, and 10,753 staffs.
The bank’s core banking project also recently started operations, connecting 34 of its branches in Addis Ababa in the first phase of its automation project last May. This initial automation projected migrated one million of the over 3.6 million account holders of the bank from manual banking service to a digital one.
The new IT infrastructure will also enable the bank to strengthen and extend its relations with credit card providers such as Visa and MasterCard as well as roll out new mobile and internet banking services. Thus, the bank’s customers will enjoy reduced waiting time and a greater choice of banking channels and services through its wider branch network across the country.