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HomeBusinessCooperative Bank of Oromia created 32.8 billion birr wealth this year 

Cooperative Bank of Oromia created 32.8 billion birr wealth this year 

The Bank says it has got over 1.35 million new banking users during the year 

Cooperative Bank of Oromia _ business news
Cooperative Bank of Oromia (Photo : SM)

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Cooperative Bank of Oromia said it has made a gross profit of 3.9 billion birr during this Ethiopian year.  The wealth it has created this year is 32.8 billion birr, according to a report, published on Sunday, July 10, 2022, by the Reporter.  

 The total asset has reached 114.36 billion birr. Last year it was only 81,54 billion birr. 

Gadissa Mamo is Deputy President of Operations of the Bank.  He is cited as saying that the Bank has seen higher growth this year. 

The profit it has achieved is 65.2 percent higher compared to the profit from last year, according to the source.  A total of 3.95 billion birr profit (gross) was registered which is higher by 1.56 billion birr compared to last year. 

In terms of capital growth, last year the amount of paid capital was only 4.65 billion birr. It grew to 7.73 billion birr this year. Paid and signed capital was only 4.2 billion birr last year. It skyrocketed to 12.28 billion birr this year. 

The growth it has achieved this year is said to be among the leading ones in the private banking sector in Ethiopia. 

The bank called the year a productive war, and has amassed  $432.9 million dollars in foreign currency which it says is higher compared to the previous year. 

Interest-free banking service is another income stream from which the bank created wealth. 13.5 billion birr was made available for loan service from interest-free service. 

Cooperative Bank of Oromia is also saying the number of new saving accounts grew by 17.4 percent. 1.35 million new accounts were created, a number that is said to be the leading in the private banking sector in the country. 

Money made available for loan services grew by 52 percent. And the total income of the Bank has reached 11.9 billion birr while the expense is at 7.98 billion birr. 

The bank is said to have over 567 branches across the country and employs tens of thousands of employees. 

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