Development Bank of Ethiopia (DBE) grossed a profit of ETB951 million in the first half of the current fiscal year, the highest since its establishment and twice its annual profit recorded three years ago. The policy Bank, which rebounds from the loss it has registered in the past fiscal year, managed to achieve 483Pct of its profit target for the first half of the existing financial year.
The latest performance of the Bank is unexpected and quick recovery for the Bank that registered a loss of ETB768.8 million the past fiscal year. Strict measures taken to collect loans and reduce non-performing loans helped the Bank register an outstanding growth in revenues, thereby profit, according to the management of DBE.
The Bank managed to reduce its non-performing loans to 33Pct from being as high as 38Pct as of June 30, 2019. Two months ago, the policy bank, Development Bank of Ethiopia, disclosed that it recovered four billion Birr loans from defaulters in the first five months of this financial year.The Bank has not been able to collect more than ETB18 billion loans it provided to different investors until the end of last fiscal year.