The Commercial Bank of Ethiopia, the country’s largest lender by assets, reported revenue of 124.12 billion birr in the first half of the current Ethiopian fiscal year, as its gross profit rose to more than 36 billion birr.

The state-owned bank said it recorded a gross profit of 36.19 billion birr during the six-month period, according to figures presented at its half-year performance review meeting.

Revenue exceeded the bank’s internal six-month target by seven percent and marked a 56 percent increase compared with the same period a year earlier.

The strong performance came as Ethiopia continues to implement wide-ranging economic reforms that have expanded financial sector activity and increased transaction volumes across the banking system.

CBE said the growth in income was supported by the wider scale of financial operations, alongside the introduction of new operational directives and revised service tariffs during the period.

The lender dominates Ethiopia’s financial system, holding the largest share of deposits, loans, and branch networks. It has long financed public projects and trade-related transactions and served as the main settlement bank for government operations, though the bank has been directed by Ethiopian Investment Holdings to pivot toward supporting private-sector businesses.