Addis Ababa August 8, 2017 The total asset of the three public financial institutions has reached 523 billion birr, the Ethiopian Public Financial Institutions Agency disclosed.
Briefing journalists today, Agency Director General Dr. Sentayehu Woldemichael said the total asset of the three public financial institutions, namely the Commercial Bank of Ethiopia, Development Bank of Ethiopia and Ethiopian Insurance Corporation, has hit 523 billion birr.
Although the plan of the institutions for the last Ethiopian fiscal year was 517 billion birr, they have managed to secure total asset of 523 billion birr, he added.
This is an increase of 82.64 billion birr as compared with that of the previous fiscal year.
According to the Director General, 332.12 billion birr out of the total 523 billion birr has been earned as a net capital.
The lion’s share or 85 percent of the total asset goes to the Commercial Bank of Ethiopia, which registered a total of 465. 8 billion birr, he elaborated.
The Development Bank of Ethiopia’s share was 53.12 billion birr and the remaining 4.12 billion birr was secured by the Ethiopian Insurance Corporation.
Total profit of the three public finance institutions in the fiscal year stands at 15.64 billion birr or 95 percent that goes to the Commercial Bank of Ethiopia.