CBE made a net profit of Birr 6.8 billion, surpassing it’s preset target of Birr 4.7 Billion. The bank made a gross profit of Birr 30.5 billion.
The robust performance can be attributed to two factors. The bank has revised its service charges back in February 2021, increasing its loan interests and other charges to the industry level. Secondly, we embarked on internal reform since July 2020, when new management and board were established. The reform is paying off after a year now,” says Muluneh Aboyeh, VP for Risk Compliance Management at CBE.
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