Ethiopia’s state bank deposit surpasses $17 billion

The total deposit of Commercial Bank of Ethiopia (CBE) exceeds half a trillion birr (over $17 billion), said the recently appointed president of EBE.

CEBs total deposit at the moment is 504 billion birr (around $17.7 billion), according to Mr. Bacha Ginna, President of CBE who made the remark today in Adama City of Ethiopia’s Oromia Region. He stated that in the last nine months CBE has mobilized 52 billion birr (around $1.8 billion) from depositors. CBEs last June annual report shows that the total deposit of the Bank was 288.6 birr.

During the last nine months, CBE has also collected $4.8 billion foreign currency in the form of remittance, export trade and the like, according to the report of the state news agency Ethiopian Press Agency. The president of CBE has also stated that during same period 109 additional branches are opened increasing the total number of CBE branches across the country to 1,396.

CBE is the largest bank in Ethiopia with over half the market share in the industry. According to June 2018 annual report of CBE its total asset was 565.50 billion birr with net income of 10.32 billion birr.

Currently in Ethiopia there are a total of 18 banks, of which 16 are private and 2 are state-owned. The recently released National Bank of Ethiopia (the central bank of Ethiopia) report shows that the total capital of the banking industry increased by 10 percent and reached Birr 85.8 billion by the end of June 2018.

The report stated that in 2017/18 fiscal year ended June 30 2018, all banks in Ethiopia opened 500 new branches, raising the total number of branches to 4,757 from 4257 in the previous year. About 35.3 percent of the total bank branches were located in Addis Ababa.

According to this annual report of National Bank of Ethiopia released January 2019, total resources mobilized by the banking system in the form of deposit, borrowing and loan collection increased by 27.7 percent and reached 298.2 billion birr at the end of 2017/18.

“Aided by remarkable branch expansion, deposit liabilities of the banking system topped 730.3 billion birr, reflecting 28.4 percent annual growth rate. Saving deposits grew by 30.4 percent followed by demand deposits (27.6 percent) and time deposits (21.7 percent). Of the total deposits, saving deposits accounted for 52.4 percent, demand deposits 37.1 percent and time deposit (10.5 percent),” the report stated.