Four of the state-owned financial institutions under the Public Financial Institutions Agency have registered a combined profit of 6.28 billion birr in the first six months of the current fiscal year, the Agency disclosed.
According to the Agency, the Commercial Bank of Ethiopia (CBE) has contributed the lion’s share registering some 5.44 billion Birr, 86.6 percent of the total amount, while the combined profit of the other three barely makes the balance one billion. CBE’s deposit rose to 260.47 billion birr in the stated period and is currently operating 909 branches all over Ethiopia.
The Development Bank of Ethiopia (DBE) and Construction and Business Bank (CBB) generated 599.42 million and 21.29 million birr profit respectively. Ethiopian Insurance Company (EIC) on its part bagged 215.86 million birr in the report period.
Similarly, the four state-owned financial institutions were reported to have raised their total asset to 312.23 billion birr, a 22.15 percent increment from last year. The Agency also indicated that the enterprise’s capital including reserves has surged to 18.32 billion birr. In this regard, it has also managed to meet 88.7 percent of the target it has set for itself and showed a 13.86 percent increment in performance.
All the same, the four financial enterprises have attained 93.02 percent of their planned profit for the report period. According to the Agency, this year’s performance shows an increment of 11.74 percent when compared to the same period last year.
The Agency also noted that the three banks generated over USD 3.09 billion in foreign assets, showing a 3.15 percent increment from last year, contributing a lot to the foreign currency reserve of the country.
During the six months the banks extended a total of 19.12 billion Birr loan to their clients where CBE and DBE gave 15.30 and 3.13 billion Birr, respectively.