Commercial Bank of Ethiopia’s net income surged by 36%

Ethiopian financial institutions are reporting higher income in the last half decade or so

Commercial Bank of Ethiopia (CBE), the largest bank in the country, announced its financial report for the first half of 2023. The report showed that the bank’s net income surged by 36% year-over-year to 18.5 billion Ethiopian Birr (ETB).

Key highlights of the report:

• Net income increased by 36% to 18.5 billion ETB
• Total assets grew by 18% to 1.9 trillion ETB
• Customer deposits increased by 17% to 1.5 trillion ETB
• Loans and advances grew by 15% to 1.1 trillion ETB
• Shareholders’ equity increased by 22% to 144 billion ETB

The bank’s strong performance was driven by a number of factors, including growth in its loan book, increased customer deposits, and a rise in net interest income. The bank also benefited from the government’s economic stimulus measures, which have helped to boost economic activity in the country.

The bank’s strong performance is a reflection of the overall health of the Ethiopian economy

The Ethiopian economy has been growing steadily over the past decade, and this growth has been reflected in the performance of the country’s banks. In recent years, Ethiopian banks have reported strong growth in their loan books, customer deposits, and net income. This growth is expected to continue in the coming years, as the Ethiopian economy continues to expand.