According to the Development Bank of Ethiopia’s President, Yohannes Ayalew (PhD), the bank was able to collect ETB 10.9 billion from loans during the just-ended fiscal year and generated a profit of ETB 3.8 billion during the same period.
As per an article by the Ethiopian News Agency, the organization also lowered the percentage of problematic loans to 17% (down to Br9 billion from 15 billion in 2021). This figure does not include projects in the Tigray region, which are said to have resulted in bad loans and complicated the bank’s 2021–2022 fiscal year.
By stepping up efforts to recover debts, the bank hopes to raise ETB 14 billion in the fiscal year 2022-2023. In the meanwhile, the bank aims to reduce the proportion of subprime loans from 17 percent to 10 percent.
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