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The Development Bank of Ethiopia (DBE) has secured more than 360 million birr an audited gross profit in the just concluded Ethiopian budget year, Capital learnt.
The bank fulfilled its loan request approval target of 6.6 billion birr in the nine months of the 2011/12 Ethiopian Fiscal year spanning from July 8, 2011- April 9, 2012. The lion’s share of DBE’s loan approval went to the industrial sector, taking 5.1 billion birr followed by agriculture, which was allocated 1.3 billion birr, while the service sector acquired approval for 180 million birr.
However, DBE only managed to deliver 53 percent of the loan disbursement target, distributing only 3.4 billion birr of the total target. Industry received 2.4 billion while agriculture enjoyed 841 million birr.  The service sector was the only division to receive 100 percent of the approved loan; obtaining 180 million birr from the bank.
The bank had mixed results in the first nine months of 2011/12 Ethiopian Fiscal, not only in loan approval and disbursement rate but also in its loan collection targets. It managed to collect 1.5 billion birr of the targeted 2.2 billion birr in loans; representing 66 percent of its loan collection capacity.
In the same target period, DBE managed to reduce its non-performing loans from nearly 8.4 percent to about 7.9 percent.
Similarly, the bank also surpassed its target of selling bonds by 44 percent reaching 1.3 billion birr. The nine month target was 900 million birr. DBE surpassed its target of selling bonds after selling to seven regional Micro Finance institutions which include Dedebit, Omo, Amhara Credit and Saving, Oromia Credit and Saving, Dire, Harar and Benishangul Gumuz which spread across seven regions of the country.
The bank has also recently introduced three new bonds worth 50, 100 and 300 birr. It is currently selling 14 types of bonds with a denomination ranging from 50 to one million birr. The Ethiopian government plans to finance up to 25 percent of the construction of the Grand Renaissance Dam through bond sales. Bonds are a certificate of debt issued in order to raise funds. They carry a fixed rate of interest and are repayable with or without security at a specified future date.
The bank mobilizes resources from different sources including bond sales, deposits, borrowing mainly from local sources and foreign sources. However, much of its borrowing comes from Commercial Bank of Ethiopia.