Commercial Bank of Ethiopia, the Construction and Business Bank and the Development Bank of Ethiopia, declared 500 million US dollars in profit for the last financial year.

The three banks declared that the profits recorded in the reporting period were 100 million US dollars over what was recorded in the early fiscal period.

It was noted that profits earned by the Commercial Bank showed an increase of 90%.

According to sources, increase in revenue for the banks was primarily due to factors such as increased exports, mining and agricultural projects and remittance from Ethiopians in the Diaspora.

Several schemes were adopted by bank, to encourage savings including the Save to Win Prizes campaign concluded recently according to Bekalu Zeleke, President of the Bank.

The deposits in the bank will be invested in projects related to the national developmental agenda comprising the construction of sugar factories and the Grand Renaissance Dam.

Source