Cooperative Bank of Oromia doubles profit

Addis Ababa, Ethiopia – Cooperative Bank of Oromia S.C. (CBO) has earned 263.75 million birr Gross profit in the 2012/13 fiscal year. At a meeting held yesterday at Saro-Maria Hotel, the officials of the Bank stated that this year’s performance has shown an increase  of 88.70 percent, when compared with  the previous year’s performance, which was 139.8 million birr. The performance report states that CBO has shown accelerated growth, and even this year it has shown 80 percent overall growth.

The Bank’s total capital has also increased and stands at 697.50 million birr. It has exhibited  67.18 percent growth when compared to last year. The Bank stated that it’s paid up share capital stands at 442.34 million birr which similarly shows an increase of 57.62 percent over the previous year.

The Bank’s assets have shown an 81.54 percent increase when compared to the previous year and stands at 6.66 billion birr. CBO currently has 230,691 clients which puts its deposits at 4.47 billion birr, an increase of 59.61 percent from the previous year.

The Bank has expanded and opened 25 new branches in different regions. This year’s performance report also states that the Bank has been able approve 1.94 billion birr in loans.

The performance report also states that the Bank has been able to provide financing to people living in rural areas and gives priority to projects that work on agriculture and agriculture based production.

Cooperative Bank of Oromia S.C. currently has 81 branches, with the majority  located in the Oromia Region, as well as Addis Ababa and other Regional States. It was established in October 2004 with an authorized capital of 300 million birr and a paid up capital of 112 million birr.

The Bank has automated all of it branches and has implemented IBM’s Core Banking Service which it paid 30 million birr for and started as a pilot project last year.

Source: CapitalEthiopia.com