Commercial Bank of Ethiopia awards apartments, trucks to customers

Commercial Bank of Ethiopia awards apartments, trucks to customers

Finance

Commercial Bank of Ethiopia awarded two apartments, three trucks, and 17 automobiles, 34 three wheels to its customers who participated in ‘save and get prize’ awards as well as those who received remittances from its branches.

At the awarding ceremony President of CBE Abie Sano indicated that the main objective of the Bank is to mobilize resources for investments by encouraging saving. He noted that the total savings of the Bank has been increasing reaching 670 billion Birr at the moment.



“Over 90 percent of finances to mega projects of the country such as, the Ethiopian Renaissance Dam Project is being financed by Commercial Bank of Ethiopia,” he said. Fully owned by the government CBE is the biggest bank in Ethiopia with a total 1,624 branches across the county.

Reports show that CBE has close to half market share in the overall banking industry of Ethiopia, which comprises 18 private banks and dozens of microfinance institutions. During the budget year concluded June 30, 2019, commercial banks and Development Bank of Ethiopia (DBE), the other state owned bank, disbursed 164.5 billion Birr in fresh loans which was 42.5 percent higher than that of a year ago. Of the total new loans, about 60.8 percent was provided by private banks and 39.2 percent by the two state owned banks.