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Bank of Ethiopia registers record profits, announces Internet banking

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07/20/11

Permalink 12:10:02 am, by nazret.com, 129 words   English (US) latin1
Categories: Business, Ethiopia, Finance

Bank of Ethiopia registers record profits, announces Internet banking

Bank of Ethiopia registers record profits, announces Internet banking

State owned Ethiopian Commercial Bank (ECB) on Monday announced a €200 million for the 2010/2011 fiscal year, which is the highest in the country’s history.

The profit was also 50 percent more than that recorded in the previous financial year.

Around €120 million of the profit was secured with finance and international banking services.

The bank has also reported profit in the past four years making it one of Africa’s most profitable financial institutions with a huge asset base.

ECB which has about 400 branches reportedly has received around US$4 billion from Diaspora remittances and exports during the period under review.

The financial institution loaned out US$3.6 billion during the same year to various private and government bodies.


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18 comments

Comment from: Lord [Visitor]
A subprime lending is brewing in the country and we all know how this type of lending will end up eventually. By the way, keep your logo simple!

--Lord
07/20/11 @ 00:58
Comment from: Yonas [Visitor]
kkkkkkk joke
07/20/11 @ 01:57
Comment from: visitor [Visitor]
Sloppy reporting...

Bank of Ethiopia?
There is no such Bank in Ethiopia. The correct name should be Commercial Bank of Ethiopia(CBE)as the logo shows. It is one of the oldest commercial bank in Ethiopia. State owned dinasor but a cash cow for the current government. That is why they woudn't let go.
07/20/11 @ 02:53
Comment from: Imperial Body Guard [Visitor]
As the federal state owned Commercial Bank of Ethiopia carries a satanic alien imposed federation star logo of secession, none of the 120 million euros profit will be used to help the the victims of drought and famine in Ethiopia. Perhaps it will be used to help pay the $100 million for 200 military tanks from the Ukraine which the illegitimate government sees more of a necessity to further its divide and rule policy against the will of Ethiopians. The regime of secession is obsessed with its love of money and military apparatuses, the Euro Zone is on the verge of collapse, the U.S.A, Japan and Britain are trillions in debt, and all the quantative easing which has been used as a quick fix solution has never worked in history. The developed indebted nations continue to print money and provide financial assistance to the corrupt alien imposed federation of secession in Ethiopia, some in the form of paper money, some in the form of digits on a computer screen. In twenty years time when it has been envisaged there will be a world food shortage, what will the value of all this ink on paper, digits on computer screens be worth?
Unless the least of men are equally protected as those of the greatest and Ethiopians embrace their land rights under the Constitutional Monarchy and increase their agricultural productivity, the value of ink on paper will be worthless, for it is resources that are needed to provide Ethiopians the sustenance for their survival, and Ethiopia's greatest resource are her peoples.

"The aim of those leaders that is based on ambition for power and personal gain is one with no firm foundation and will, consequently, crumble easily." Selected Speeches of HIM Haile Selassie I, page 471

"Every structure must be built on a solid foundation, for those constructed otherwise would soon collapse. The proclamation by which We made land grants to the entire Ethiopian people is the foundation of this scheme." Selected Speeches of HIM Haile Selassie I, page 487

Long Live the Constitutional Monarchy!
Long Live the Kebra Negast!
Fire burn down the witchcraft star of secession
Rise with the Lion of Judah!
Gasha for Ethiopians!
Long Live Independent Ethiopia!
07/20/11 @ 06:58
Comment from: Mesfin B [Visitor]
This article should be titled the CBE which had gotten money from the diaspora had turned around and loaned that money . In other words CBE is functioning with the diaspora money.
Here is why.
"US$4 billion from Diaspora remittances and exports during the period under review."
Even our largest bank is operated with the help of diaspora!!
what a joke meles Chenawi.
Down with EPRDF.
07/20/11 @ 07:50
Comment from: Amhara Princess [Visitor]
*****
I really wish all these so called record growth we keep hearing about reflects the standard of living in Ethiopia. More poverty, more destitution, more drought, hight number of homelessness, more orphans on streets, sky high prices, over inflated interest rate YET record growth?

Something IS SERIOUSLY NOT RIGHT here. No growth or more looting?
07/20/11 @ 08:28
Comment from: addis zemen [Visitor]
*****
Hey Nazrets,..

Too soon to deflate your diaspora crybabies' ego, after you make them cry on a twisted article about our PM. LOL!!!!
07/20/11 @ 10:28
Comment from: kul [Visitor]
*****
The 2003 E.C. national budget of Ethiopia was 77.2 billion birr (around US$5.7 billion). During the same year CBE processed around US$4 billion from Diaspora remittances and exports. Very interesting!!!!
07/20/11 @ 10:37
Comment from: wow [Visitor]
This is fantastic. Does this mean that we are going to stop begging at last? or this is one of the HOT Air blown by Woyane's Trumpet? I am so confused? today we are profiters and tomorrow we are beggers , should this not be the other way around? I am so confused about this government economic strategy? Now we can take this money and put it to work for us to build the big bang dam that will make Ethiopians Rich and Weatlh will flow like water to each one of the Ethiopians homes.

Can you guarantee the promise you gave us when you came in town?

that all Ethiopians will eat 3 times daily?

or is that not do-able because of the current world crisis? or your idiotic way of ruling?

Meles, how do you rate yourself?
from 1 to 5..


07/20/11 @ 11:58
Comment from: Tulu Proud ET [Visitor]


The only salvation for Ethiopians come from the Diaspora. This money is sent by the Diaspora. The Woyane government contributed nothing to get this profit.

Now this profit must be used to feed the starved and people whom the Woyane government pushed out of their ancestors land to make ways for foreigner agriculture owners.

Meles who rot in power for 20 years has been hemorrhaging the country’s wealth and resource. Woyuane has failed to bringing Ethiopia out of beggary and famine. In fact it using famine as a way to get money.

When the Diaspora pulls the plug, here goes Meles down!!

07/20/11 @ 14:10
Comment from: Tgrayo [Visitor]
****-
genna tiqatelalachu.
agassess adgis & shaebiya homosens, genna min aytachu.bekinat timotalachu.
07/20/11 @ 16:01
Comment from: C'moi senait [Visitor]
May be they are making a profit by new industry called sex industry.maybe they are making by selling all the land for 1$ untill the year 2110
07/20/11 @ 17:45
Comment from: Beneberu [Visitor]
****-
Amhara Princess, I second your comment.
07/20/11 @ 20:38
Comment from: Shewarega [Visitor]
Very good, now they can replace the bars of gold the Khartoum prostitute stole a while back,lol.
07/20/11 @ 22:43
Comment from: Cobra [Visitor]
Well Done, just well done who ever works in the CBE.

Cobra
07/21/11 @ 06:05
Comment from: Wanza [Visitor]
Great bank, keep up the good work. I was first hesitant to do any banking at CBE assuming it is the governmnt's . I found it better with its forex than the private banks.

This is music to my ear when I read 4 billion usd from the diaspora, I always thought only 1 b a year. Now I see the power of the diaspora. It made me feel good we are doing some thing good for our native country. I now know why the government gets out of it's way to welcome the Diaspora.

Go CBE Go

Trust me I do not support tplf's ethnic homelands, but like our Ethiopian bank, Ethiopian airlines, Ethiopian runners
07/21/11 @ 12:43
Comment from: Larry [Visitor]
Record profits for who? Is it for the rich or?? "Free market" the food price is soring and more people in Ethiopia getting poorer and poorer.... record profits
07/22/11 @ 04:01
Comment from: Moges [Visitor]
Good job Ethiopia’s bank! The bank’s profits have shown the country economic activity. Bank’s profits are mainly generated from customers who borrow the money to run their business. As we have seen in US and western nation, the first clue of economic melt down start is when financial institutes are affected. So the government needs to take preventive actions before such scenarios occurred. I hope the government already emplace some sort of regulatory body that oversight financial institution activity


07/22/11 @ 15:53

Comments are closed for this post.

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