Commercial Bank of Ethiopia (CBE) bagged a net profit of 4 billion Birr in the first quarter of the current fiscal year with total earning of 7.7 billion Birr.
CBE’s expense during the period was 3.7 billion Birr. The bank has also managed to open 14 branches taking the total number to 1,151.
By the end of the past fiscal year, CBE managed to bring its total assets to 384.6 billion Birr. In the first quarter of the current fiscal year, the figure climbed to 397.7 billion Birr. This means the bank has increased its total assets by 13 billion Birr in just 3 months.
CBE was established more than 50 years ago. It was merged with Construction and Business Bank in the past fiscal year. the merger gave CBE a bigger share in Ethiopia’s financial industry.
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