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The state owned Commercial Bank of Ethiopia (CBE) announced that it has made 42.8 billion birr of net profits in the last five years, 116% excess of its initial target set in the first period of the Growth and Transformation Plan (GTP).
According to a five year performance report released on Thursday, August 27, CBE’s deposits have gone from 56.1 in 2010 241.7 billion birr today. Its assets are currently valued at 303.6 billion birr, worth four times what they were at the beginning of the GTP period.
The bank has grown to service 10.7 million customers, with 8.5 million joining over the five year period. To accommodate its customers, CBE has opened 745 new branches in the first GTP period and expanded its workforce from 8,117 to 22,908.
CBE has also overachieved as a creditor, having reached 253% over its target earnings on loans amounting to a relatively modest 153.8 billion birr.
Though the bank has made significant progress over the last five years, high demand for loans and repeated network failure are cause for customers’ displeasure.
Efrem Mekurai, Public Relations Head of CBE said that the bank will focus on mobilizing deposits to provide more loans to its customers. “We have made significant progress; we provide internet banking and mobile banking to our customers but we do that there is a huge gap between demand and supply of loans. We will do more work to mobilize deposits and foreign exchange to provide more loans.” He also added that power outages and network failure are a challenge in some branches, preventing CBE from providing fast services to customers.