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Cooperative Bank of Oromia (CBO) continues to profit and grow as they announced plans to reach 86 branches this fiscal year.
Established in October 2004 with 300 million birr of authorized capital, CBO held its general assembly at Galma Aba Gadda in Adama on Saturday November 30 and announced that they made a gross profit of 267 million birr.
Abera Deressa (PhD), the board chairperson, told shareholders that despite the fact that the global economy has yet to shake off the economic crisis, Africa and Ethiopia are still enjoying economic prosperity. “Global growth dropped to almost three percent in this past year, which indicates that about a half a percentage point has been shoved off the long-term trend since the crisis emerged,” he said. “Yet, economic conditions in sub-Saharan Africa have remained generally robust against the backdrop of a sluggish global economy,” he said.
The Chairperson said that the macro-economic performance of Ethiopia is still performing spectacularly, with the economy growing at twice the rate as that of the African Continent as a whole. “This condition has helped banks to benefit despite some challenges, like the underperformance of export earnings due to low coffee prices,” he said.
Abera said the bank performed soundly in both financial and non-financial activities despite such challenges., “The bank registered admirable steps forward in all major areas including: assets, deposits, capital, profitability, and market expansion,”.
According to his report, the number of customer accounts grew 47.5 percent during this past fiscal year. Likewise, the deposit balance grew by nearly 60 percent to reach 4.47 billion birr. The annual report also shows a gross profit of 267 million birr, a 90.7 percent increase from the previous fiscal year, in which gross profit was close to 140 million birr.
The total assets of the bank increased by 78.07 percent to 6.54 billion birr from the preceding fiscal year, in which assets were only 3.67 billion birr, according to the annual report. The bank’s total outstanding loans during this fiscal year increased to 2.12 billion birr from 1.38 billion birr at the end of the previous fiscal year, according to the same report.
Earnings per share of the bank during the same period stood at 52 birr for 100 birr investment, while the dividend was 38 birr.
Wondimagegnehu Negera, President of the bank, attributed the bank’s incredible performance to a considerable liquidity position, a good reputation and growing base of loyal clients, strong fund management practices, improved corporate governance and culture, enhanced staff efficiency and productivity, strong business linkages with potential exporters and importers, improved customer service delivery and a strong bond with development partners and foreign banks.
The president also said that his bank has made significant investments in its infrastructure and plans to continue investing in new technology in order to improve its efficiency.
At the end of the assembly, most of the shareholders expressed their satisfaction at the bank’s performance and their respect for the board and the management team.
“I almost forgot about my shares in the bank a couple of years ago,” said one shareholder who opted for anonymity. “The bank’s performance was terrible and everybody I know felt the same as I did because of that,” he told Capital. “But this management team came and revived the bank as well as our hope in our investment.” Most of the people Capital talked to appreciated both the management and the board, especially the president. “I hope he will further transform the bank,” another shareholder told Capital