The profit of all the 16 private banks in Ethiopia for the first time exceed the profit of the state owned giant Commercial bank of Ethiopia during the budget year concluded June 30, 2020. A new research paper released by a private equity firm, Cephues Invest Advisory, shows that the 16 private banks have for the first time grossed 17 billion Birr collectively, while CBE’s profit for the year stood at 14 billion Birr. “Private banks have steadily increased their market shares in branch networks, deposits, loans, and profits. For the just-ended fiscal year, the total new deposits mobilized by private banks (Birr 89 billion) exceeded that of CBE (Birr 54 billion), while private banks’ collective profits (Birr 17 billion) have now surpassed—for the first time—that of the state bank (Birr 14 billion),” the report stated. Major achievements of private banks in Ethiopia– Private banks recorded a strong performance last year across key metrics—deposits, loans, capital, and branches.

Source: News Business Ethiopia September 15, 2020 12:45 UTC