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Ethiopian public financial institutions’ asset has exceeded 523 billion Ethiopian birr (more than 22.5 billion U.S. dollars), the Ethiopian Public Financial Institutions Agency revealed on Tuesday.

The reported asset is owned by the three Ethiopian public financial institutions that are the Commercial Bank of Ethiopia, Development Bank of Ethiopia and the Ethiopian Insurance Corporation.

According to Sentayehu Woldemichael, Director General of the Ethiopian Public Financial Institutions Agency, the total asset of the three public financial institutions has reached 523 billion ETB during the just concluded 2016-2017 Ethiopian fiscal year.

Woldemichael said that the East African country has an initial target to uplift the three institutions financial capacity to 517 billion ETB during the 2016-2017 Ethiopian fiscal year.

The asset is 82.64 billion ETB higher as compared with the previous 2015-2016 Ethiopian fiscal year.

Eighty-five percent of the total asset is said to attribute to the Commercial Bank of Ethiopia, which registered a total of 465.8 billion ETB, while the Development Bank of Ethiopia’s share was 53.12 billion ETB and the remaining 4.12 billion ETB was secured by the Ethiopian Insurance Corporation.

According to Woldemichael, the 332.12 billion Ethiopian birr out of the total 523 billion Ethiopian birr has been earned as a net capital. The total profit of the three public finance institutions in the fiscal year stands at 15.64 billion birr or 95 percent that goes to the Commercial Bank of Ethiopia. Enditem

Source: Xinhua/Newsghana.com.gh