(Tuesday, 19 July 2011,Addis Ababa)- State owned Ethiopian Commercial Bank (ECB) on Monday announced a €200 million for the 2010/2011 fiscal year, which is the highest in the country’s history.
The profit was also 50 percent more than that recorded in the previous financial year. Around €120 million of the profit was secured with finance and international banking services.
The bank has also reported profit in the past four years making it one of Africa’s most profitable financial institutions with a huge asset base.
ECB which has about 400 branches reportedly has received around US$4 billion from Diaspora remittances and exports during the period under review. The financial institution loaned out US$3.6 billion during the same year to various private and government bodies.
According to reports, the bank has also mobilised close to US$1.7 billion in deposits during the year bringing its total deposits to US$5.6 billion. CBE, which also has a branch in South Sudan will celebrate its 70th anniversary early next year.
Its rivals include about 13 locally owned private banks who entered the business a decade ago. Foreign banks and insurance companies are not allowed to invest in Ethiopia.
Analysts say Ethiopia, which has a population of 80 million people is underbanked and ideally it must have at least 40 banks. Kenya with less than half of Ethiopia’s population has about 30 banks.
Source: The Africa Report
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