Halewot Church Sunday Service

Halewot church Sunday service with pastor Zenebe.

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The Commercial Bank of Ethiopia has announced that its total assets have reached 1.9 trillion birr

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The bank's president, Abe Sano, said that the total assets of the Commercial Bank of Ethiopia have reached 1.9 trillion birr.  

He said that the macroeconomic reform has moved the bank from the existential risk it was facing to greater growth.

Abe Sano, the bank's president, met with ESA regarding the work activities of the Commercial Bank of Ethiopia.

In his explanation, the president recalled that the bank's previous lending had led to serious problems.

He pointed out that there was no danger of survival for the bank because it had been lending billions of rupees at low interest rates for the construction of large projects.

In this regard, he explained that the recently implemented macroeconomic reform has moved the entire activity of the bank to a higher level.

He mentioned that the Commercial Bank of Ethiopia is currently in a good position in all respects, and confirmed that it will work to increase its profitability by making it strong and competitive under the favorable conditions that have arisen.

He said that the total assets of the bank are now 1.9 trillion birr and the total savings have reached 1.4 trillion birr.

He said that the market-based foreign exchange management system has enabled the bank to record significant growth in savings in addition to earning foreign currency. 

In this way, he said that he has been able to collect 217 billion birr in savings so far this fiscal year.