The state-owned Development Bank of Ethiopia has generated a gross profit (before tax) of 3.9 billion Birr year last budget year concluded July 7, 2022.
Compared to the previous year performance, the gross profit of the DBE has increased by 2.3 percent last year. The bank has achieved 98 percent of its target for the year, according to the report presented this week at the annual evaluation of state-owned enterprises.
During the year 2021/22 DBE has generated a total revenue of 8.3 billion Birr. DBE, which was at the verge of collapse a few years ago, began making profit a few years ago. The evaluation team led by Minister of Finance of Ethiopia, Ahmed Shide, appreciated the progress DBE has made especially by turning 114 non-performing loans to performing loans.
It is indicated that during the year DBE has created additional jobs for 32 staff, and contributed 23 million Birr as corporate social responsibility for different projects.
Established as government policy bank in 1945 with name Agriculture Bank of Ethiopia, DBE is now one of the financial institutions engaged in providing short, medium and long term development credits.