ADDIS ABABA – Development Bank of Ethiopia (DBE) has obtained 2.03 billion Birr in revenue from its operations in the first quarter of the current fiscal year, showing a 33% growth from the same period last year.
President of the Bank, Yohannes Ayalew (Ph.D.) said the bank managed to achieve 87% of its revenue target set for the three-month period.
The Bank’s strict measures in collecting loans and reducing non-performing loans helped its profit making run to continue into this year.
DBE has netted a 743.1 Birr profit in the first three months, says its performance report reviewed by the Public Enterprises Holding Administration on Monday.
In the same period, the Bank said it has helped 10 projects to resolve their 159.9 million birr non-performing loans and continue their operations.
The level of NPLs remained relatively unchanged in the first quarter after reducing it from 15 billion birr to 9 Billion Birr last year. The amount does not include the 10.4 billion birr Non-performing loans in Tigray.
The amount of loan disbursed in the first quarter has doubled as compared to the same months of the previous fiscal year.
DBE disbursed Birr 3.5 Billion Birr loans, showing a 218 percent increase.
The bank also collected 4.8 Billion Birr from borrowers, achieving 218% of its target set for the three month period.
In the current 2022/23 fiscal year, DBE officials plan to collect 14 billion Birr from loans and bring the level of NPLs down from 17% to 10%.
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