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January 16, 2017

Message of the President

 

Message of the President

It gives me a great pleasure to welcome you all to our website which I believe will help you in accessing the most vital information with regards to the activities of the Commercial Bank of Ethiopia (CBE).

The last five years (2010/11-2014/15) has been a period of unprecedented success as we have made a real difference in the overall performance of the Bank.  Indeed,the period epitomizes a breakthrough in the accomplishment of both financial and non-financial targets of the Bank.

The success is primarily attributable to three factors. First and foremost, we have worked with millions of customers who placed their trust and confidence in us for which I am very grateful. Secondly, the bank developed a well-thought out five-year strategic plan (2010/11-2014/15). Thirdly, the management and the staff were very inspired and determined to execute it.

The strategic plan, which was drawn in line with the nation’s Growth and Transformation Plan (GTP), placed a major emphasis on two strategic themes: business growth and service excellence.

Consequently, the Bank’s deposit which stood at Birr 56 billion five years ago shot up to Birr 241.7 billion by June 30, 2015, which enabled it to successfully finance various investment projects and related activities.

The annual profit saw a fourfold growth compared with the baseline figure, largely driven by enhanced interest income from loans and advances. The total asset of the Bank rose to Birr303 billion, which is close to fourfold compared with the base year.

The other area where the Bank posted a milestone achievement is accessibility.Over the past five years,the Bank undertook an aggressive branch opening initiative and opened 150 branches annually on average to bring the total branch network to 965 by June 2015. The expansion of branches significantly helped to increase the number of deposit accounts which surged to 10.6 million by June 30, 2015. This rapid expansion including to the remotest rural towns helped the general public to easily access banking services.

New products, such as Women’s Saving Account, Teen and Youth Saving Account as well as Interest-free Banking services were introduced as part of the financial inclusion drive. 

While continuing to introduce new banking technologies and working to offer more convenience to our customers, the Bank managed to implement core banking solutions.As a result, over 850branches and various head office organs were networked. ATM, POS, mobile banking and internet banking services have also been made widely available to the public, particularly in Addis Ababa areas and major regional cities.

The human resource development also took center stage during the last five-year period. A comprehensive human resource strategy was developed and implemented to equip the management and staff with modern banking acumen.

Encouraged by the outcome of the previous strategic plan, the CBE has now embarked on a new strategic plan (2015/16-2019/20) which is believed to take us further towards realizing our vision of a “world class commercial bank by 2025”. Business growth and operational excellence remain the prime focus of the strategic plan. I am thus confident that with the support of our customers, the new strategic plan will definitely help to build on the achievements registered over the past five years.

Bekalu Zeleke

President, Commercial Bank of Ethiopia