Cooperative Bank of Oromia registers high earnings

Cooperative Bank of Oromia has announced it has registered 3.95 billion birr in profit before depreciation and provision during the 2021/22 fiscal year which is a 65.1 percent increase from last year.
The bank has distributed 84.26 billion birr in loans growing 52 percent from the previous year. In the fiscal year, through its interest free banking services the bank has mobilized 4 billion birr reaching the total to 16 billion birr, which is almost 20 percent of the total loan.
The bank’s total asset grew to 114.36 billion birr which is an increase of 40 percent. The total capital of the bank as well surpassed 12.28 billion birr with a paid-up capital 7.73 billion birr exhibiting 66 percent increase from last year.
During the 2021/22 fiscal year, the total number of its customers has reached 9 million which puts the bank as one of the leaders from the private banks. The total saving/ asset of the bank reached 96.77 billion birr showing a 36 percent increase from the previous year.
The bank earned USD 437.95 million in foreign exchange during the fiscal year. It has also expanded its reach by adding 124 new branches throughout the country totaling the number to 593.
“Cooperative of Bank of Oromia has made tremendous effort in all aspects to realize its vision of becoming the leading private bank in Ethiopia by 2025,”said Gadisa Mamo, vice president of the bank.