Ethiopia’s state-owned Commercial Bank of Ethiopia (CBE) on Thursday announced 27.5 billion birr (about 530 million U.S. dollars) in profit during the Ethiopian 2021/22 fiscal year that ended on July 7.
The annual profit of CBE, the East African country’s largest commercial bank, marked an increase of 43.9 percent compared to the previous fiscal year, state-run Ethiopian News Agency (ENA) quoted CBE President Abie Sano as saying Thursday.
The CBE president also said that the bank’s total overall asset has reached 1.2 trillion Ethiopian birr at the end of the fiscal year.
In February this year, the CBE inaugurated a 209.15-meter-tall landmark building that serves as the bank’s headquarters, which was built by Chinese construction giant China State Construction Engineering Corporation. The inauguration event coincided with the bank’s 80th anniversary and was attended by senior Ethiopian government officials and Chinese diplomats in Ethiopia.