The Ethiopian Development Bank, which has been in losses for the past few years, has announced that it has earned 2.3 billion birr in the last three months.
The company’s income is 33 percent higher compared to the last year, said the president of the bank, Dr. Yohannes Ayalew.
The president also said that the strict control and monitoring method followed by the bank is the main reason for the earned income.
It is said that the bank was able to achieve 87 percent of its target of income, especially by reducing the non-performing loans and monitoring the loan collection.
According to the public enterprises holding administration report, Development Bank has made a net profit of 743 million birr in the last three months.
The bank stated that the 10 projects that had previously given loans of 160 million birr were at the stage of not being able to repay their loans, but they have returned to work after being monitored.
Development Bank announced that the amount of non-performing loan projects was 15 billion birr and now it has decreased to 9 billion birr.
The Bank has given 3.5 billion birr loans in the last three months and has collected 4.8 billion birr from borrowers.
Development Bank plans to collect 14 billion birr from loans in the 2022/23 fiscal year and plans to reduce non-performing loans from 17 percent to 10 percent.