DBE Beats Loan Collection Targets
Development Bank of Ethiopia (DBE) on Tuesday reported better-than-expected loan collection, beating its target for the 2024/25 fiscal year by 5 percent.
The report was a subject of discussion as Ethiopian Investment Holdings (EIH) continued the annual performance dialogue with its portfolio companies with with a review of the Bank that engaged in providing short, medium and long term development credits.
The nation’s sovereign wealth fund in a statement issued after the review disclosed that DBE achieved 24 Billion Birr in loan collections in the reported period, surpassing its target by 5.0%. The figure is also 51.6% up from compared with the same period a year earlier.
The development bank also posted 18 Billion Birr revenue for the June-ended financial year, representing a 30.7% year-on-year growth.
EIH praised the progress the policy bank made and advised it’s executives to take further steps to enhance foreign exchange generation, fund mobilization, and reduce Non-Performing Loans as well as “to improve efficiency for stronger, sustainable growth”.
DBE is among the latest state-owned enterprises transferred to Ethiopian Investment Holdings established in 2021 with the goal to transform struggling state-owned enterprises into modern and competitive powerhouses.
The Investment Holdings, which also serves as the strategic investment wing of the government, currently boasts of having a portfolio of 40 companies, collectively worth over 45 billion US dollars. EIH also owns a 25% stake in the Ethiopian Securities Exchange (ECX).
Ethiopian Monitor