ADDIS ABABA, August 3, 2011-The
Commercial Bank of Ethiopia CBE held performance review meeting of the fiscal
year 2010/11 here from July 27 to July 30, 2011.
Presided by Ato Bekalu Zeleke, CBE's
President, the meeting reviewed success and breakdown of performances against
business targets set for the fiscal year 2010/11, which ended on June 30, 2011.
According to the performance report
presented by W/ro Meseret Asfaw, Director of CBE's Office of Strategy
Management, the fiscal year under review was marked with encouraging performance
in major targets, namely deposit mobilization and foreign currency earnings as
well as loan collection and disbursement.
On the occasion, districts of the bank highlighted
their respective strengths, weaknesses and challenges vis-√†-vis deposit
mobilization in particular.
The districts described improved
leadership, staff commitment, sense of ownership and close partnership with
local authorities as critical success factors.
Speaking on the occasion, H.E. Ato
Bereket Simon, Chairperson of CBE's Board of Directors and Head of Government Communication
Affairs Office with Ministerial Portfolio, said overall performance of the bank
He underlined the need to harness
loanable funds in greater scale in the years ahead to avail more credit to the
Ato Bekalu Zeleke congratulated the
management and staff on the successful accomplishment of major targets.
He urged the staff to capitalize on the
strengths and minimize weaknesses in order to accomplish the 2011/12 fiscal
year targets, which he described as "stretch but achievable."
- Total deposits reached birr 86.5 billion,
exceeding the plan by 4%
currency earnings stood at USD 4.1 billion, with an increase of 14% over the
Total collection from term loans and bond
stood at birr 17.6 billion, up by 54% from the plan
- Total capital and reserve of the Bank
reached birr 6.2 billion, reflecting 2% increase from the plan
- Total assets reached birr 114.2 billion,
showing 5% increase over the plan
- NPLs ratio was brought down to 0.9%
- Profit before tax reached birr 4.2
billion, with significant increase of 26% over the plan
- 160 additional branches opened, bringing its
total network to 380 branches nationwide
- Over 2.8 billion birr collected in
deposits from the new branches