Addis Ababa, 7 August, 2015(WIC)-The Commercial Bank of Ethiopia (CBE) says its reserve have reached 242 billion birr ($12.1bln).
Speaking at an awarding ceremony for savers on Thursday, CBE Communication Manager Ephrem Mekuria said the bank has been mobilizing deposits at an average of 34 percent annually.
The country’s biggest bank has collected 49 billon birr ($2.45bln) during the past Ethiopian fiscal year. The reserves of the state-owned bank were 56 billon birr ($2.8bln) five years ago, according to the manager.
The number of its customers has jumped over 10.5 million, Ephrem said, adding that the increase has helped boost the deposit.
The growing savings is mainly associated with the country’s low costing housing scheme in which nearly one million people save part of their income to own condos being constructed across the nation.
The manager noted that the saving scheme is helping the country’s development efforts and satisfying the financial needs of the private sector. (http://en.starafrica.com/)