Addis Ababa, August 8, 2022(Walta) – The Development Bank of Ethiopia has announced that it has collected some 10 .9 billion Birr from the loans it offered to customers during the just concluded fiscal year.
The bank was also able to bring down the level of bad loans to 17 percent, excluding projects in the Tigray region.
President of the Bank, Dr. Yohannes Ayaleu told ENA that the fact that several projects in Tigray went into bad debt has been making the year challenging for the bank.
However, he said that the bank took quick changes to mitigate the problem and was able to reduce the bad loan level in 2021 from 15 billion birr to 9 billion birr in the fiscal year excluding Tigray.
According to him, the bank collected nearly 11 Billion Birr from loans and earned a profit of 3.8 billion Birr during the fiscal year.
The bank has planned to collect 14 billion Birr from loans in the upcoming fiscal year by strengthening its effort.
Similarly, the bank has also set to bring down the level of bad loans from 17 percent in the previous fiscal year to 10 percent in the current fiscal year.