Development Bank of Ethiopia makes 3.9 billion Birr profit – New Business Ethiopia
The gross profit (before taxes) of the state-owned Development Bank of Ethiopia was 3.9 billion Birr in the last budget year that ended July 7, 2022.
The DBE’s gross profit has increased by 2.3 per cent last year, compared to its previous year performance. According to the report presented at the annual evaluation state-owned enterprises this week, the bank has reached 98 percent.
DBE generated 8.3 billion Birr in total revenue during the year 2021/22. DBE, which was on the verge of collapse a few year ago, started making profits a few months ago. Ahmed Shide (Minister of Finance Ethiopia) led an evaluation team that praised DBE for turning 114 nonperforming loans into performing loans.
It was revealed that DBE has created 32 new jobs and contributed 23 Million Birr to corporate social responsibilities for different projects.
DBE was established as a government policy bank in 1945 under the name Agriculture Bank of Ethiopia.
Source: newbusinessethiopia
