The performance of the Development Bank of Ethiopia and the Ethiopian Postal Service Enterprise first quarter of the 2024 fiscal year was reviewed on Thursday, November 21, 2024. The review was conducted in the presence of higher officials of the Public Enterprises Holding and Administration, board and management members of the enterprises, appropriate officials from the Ministry of Finance, and officials and experts of the Administration who are monitoring the enterprises.
The Development Bank of Ethiopia’s high loan collection performance in the first quarter, realization of its revenue and profit plan, high loan and disbursement performance, increase in its agricultural loan service and its activities in social services are among the performances that are considered encouraging results in the review. The Bank was enabled the GERD saving of Birr 158.79 million in the quarter. The Bank also achieved more than the plan by selling birr 1.5 billion in the Development bond. Foreign exchange earnings amounted to 21.31 million USD, while foreign exchange provision amounted to 36.78 million US dollars, which is 77 percent of its target. The bank earned a total income of Birr 4.25 billion in the quarter, resulting in a profit before tax of Birr 1.21 billion.
The Ethiopian Postal Service Enterprise’s efforts to increase alternative revenue sources, the ongoing work on the provision of national digital identity card, the work it has done on mail security, mail traffic volume and international mail, and the implementation of operational improvements that take competitiveness into account were assessed as encouraging. It achieved 106 percent of its plan by earning a total revenue of Birr 537 million in the quarter.
In the review , the Acting Director General of the Public Enterprises Holding and Administration, Ato Zinabu Yirga, and the Deputy Director General of the Public Enterprises Holding and Administration, Ato Tegistu Amsalu, described the enterprises as representative of the effectiveness of the national reform process, and gave direction on the issues that need to be implemented in the next quarter.