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Cooperative Bank of Oromia declares over 1.9 billion birr profit

Cooperative Bank of Oromia is worth over 52 billion birr

Cooperative Bank of Oromia _
Derebe Asfaw, president. Photo : OBN

July 27, 2020

The Cooperative Bank of Oromia declared that it has secured over 1.9 billion birr in profit.

Derebe Asfaw, president of the bank, said the Profit is 102 percent higher compared to last year, as reported by Oromia Broadcasting Network (OBN) on Monday.

The sources added that the bank has an estimated wealth of 52.92 billion birr of capital/wealth.  When the bank became operational in 2005, it had a starting capital of 300 million Ethiopian birr.

According to the president, the bank has now a deposit of 45.52 billion birr.  It serves 6.25 million customers in 420 branches across the country.

It is to be recalled that the vice-president of Cooperative Bank of Oromia, Gina Bacha,was transferred was appointed as president of Commercial Bank of Ethiopia after Abiy Ahmed came to power in 2018. After over a year in that position, he was removed and appointed as an Ambassador.

In a related development, Awash Bank declared a gross profit of 4.2 billion birr earlier this week. According to a report by Addis Fortune, the bank has introduced bonuses and salary increments for its employees. Some employees got as high as 25 percent salary increment. Mideksa Demise is a customer service manager at the Temenja Yazh branch of the bank in Addis Ababa. His salary was raised from 15,000 birr to 22,600 birr, as reported by Addis Fortune.  Ebisa Deribie, Director of marketing and communications at Awash Bank, described the raises and bonuses as “pleasing.”

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