CBE makes 7.9 billion Birr profit before tax

Addis Ababa, Ethiopia (ENA) – The Commercial Bank of Ethiopia (CBE) said it has secured 7.9 billion Birr profit before tax in 2004 EC.

In a press conference he gave here on Friday, CBE Business Development Officer Yshak Mengesha said total revenue of the bank has reached 11.5 billion Birr during the reported period.

The bank has loaned 60.9 billion Birr in the reported period.

He said the total deposit for saving account has reached 122.2 billion Birr that exceeded the previous year by 41 percent.

The number of account holders has reached 3.9 million from 2.8 million from the previous year.

With aggressive move in expansion of access for the Bank, CBE has opened 150 branches in 2004 EC and the number of branches has reached 547across the country.

He said the Bank is supporting government effort of addressing housing problem in the country.

He said the bank has finalized preparation to register residents to make them beneficiary from the housing project, known as 40/60 housing project, a project which enabled residents to get condominium houses with a 60 percent loan from the bank.

The Officer said some 30 branches have been ready to launch the registration and as soon as various offices finalize their preparation registration would begin.

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