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CBE Urged to Pursue Broader International Expansion

StockMarket.et by StockMarket.et
February 26, 2025
in Bank
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EIH mid year review with CBE

The Commercial Bank of Ethiopia (CBE) has reported robust half-year performance figures, highlighting substantial growth in deposits and digital transactions, during a review session with Ethiopian Investment Holdings (EIH) executives. CBE President Abe Sano revealed that deposits surpassed 350 billion birr in the fiscal year ending February 16, 2017, bringing the bank’s total deposits to 1.54 trillion birr.

The bank’s digital transformation efforts have yielded significant results, with 84.5 percent of all financial transactions now conducted through digital platforms. This advancement underscores CBE’s commitment to enhancing service delivery and accessibility.

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Looking ahead, CBE has identified credit services as a key strategic focus for the next five years. The bank’s loan portfolio has expanded to 1.35 trillion birr, and plans are underway to introduce new loan products to further improve access to credit.

EIH’s review of CBE’s half-year performance highlighted several key achievements, including:

  • Strong Deposit Growth: CBE has demonstrated encouraging results in deposit collection, increasing its market share.
  • Expansion of Digital Banking: The bank has made significant strides in expanding digital banking services.
  • Reduction of Non-Performing Loans: A substantial decrease in non-performing loans was noted as a positive development.
  • Positive Performance of CBE Noor: The Islamic banking window, CBE Noor, was assessed to have delivered excellent performance across various metrics.
  • Strategic Planning: The bank’s timely preparation of a five-year strategic plan was commended.

However, the review also identified areas for improvement, particularly concerning the lending process and customer satisfaction. While lending has increased, gaps in accessibility and efficiency have led to decreased customer satisfaction.

Dr. Brook Taye, CEO of Ethiopian Investment Holdings, commended CBE’s strong performance, particularly in deposit collection, and urged the bank to further solidify its market position. He emphasized the need to enhance customer satisfaction by digitizing the lending process and improving accessibility.

Dr. Brook also stressed the importance of balancing digital expansion with public accessibility, acknowledging the need to consider the varying levels of digital literacy within the population.

A key strategic directive from Dr. Brook was the expansion of CBE’s international footprint beyond its current presence in Djibouti and South Sudan. He urged the bank to develop a strategy for broader international expansion.

Furthermore, Dr. Brook emphasized the need for CBE to proactively address the increasing competition from foreign banks entering the Ethiopian market. He pledged EIH’s full support in developing strategies to maintain and enhance CBE’s market share.

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