Remittance makes up most of CBE’s Forex income

CBE

The state owned financial giant, Commercial Bank of Ethiopia (CBE) has earned 85 percent of its hard currency from remittances during the first half of the fiscal year.

From July 1 to December 30 CBE brought in USD 2.2 billion in hard currency.

According the bank, remittances brought in USD 1.9 billion. Exports earned the other 15 percent, which amounted to USD 332.5 million.

The bank amassed 7.8 billion birr in pre-tax profit during the first half of the budget year.

The statement that the bank sent to Capital indicated that in the first half of the 2016/17 financial year it took in 15.5 billion birr in revenue before tax. Of that 15.5 billion birr 7.8 billion was profits before tax.  By the end of December the bank had 414.6 billion birr in assets. Savings also grew during the first half of the fiscal year. There was 31.8 billion birr in deposits.  Deposit volume rose to 320.2 billion birr.

As of December 30 there were 1,150 bank branches. The bank now has just under 3.3 million ATM card users.