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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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