Ethiopia’s Commercial Bank earns $2.3b in foreign exchange

The Commercial Bank of Ethiopia (CBE) has earned $2.3 billion in foreign exchange over the past six months, APA learns on Tuesday.Out of the total, export trade generated $292.1 million, while $2.06 billion was obtained from remittance.

The bank also made available close to $1.8 billion in loan and bond sale for various development projects.
The bank managed to collect $900 billion deposit in the first half of the budget year, thus increasing its total deposit to 260.2 billion birr from 241.7 billion.

The state owned biggest bank’s total asset has reached nearly $15 billion. It also earned $600 million income before tax.
As part of the efforts to increase its reach, the bank opened more than 1,000 branches across the country.