Cooperative Bank of Oromia Reports 1.9 bln Birr Profit

ADDIS ABEBA – Cooperative Bank of Oromia (CBO) has recorded over 1.9 billion birr profit in the 2019/20 fiscal year, according to its top official.

The bank’s pre-tax profit has increased by 102 percent compared to the previous year, said the president of the Bank, Derbe Asfaw, during a press briefing on Monday.

Apart from profits, the total assets of the bank have reached 52.92 billion birr, said the president
The Bank has collected 9.34 billion birr in deposits during the period, bringing the total deposit to 45.52 billion birr.

Last year, the bank provided an additional loan of over 3.73 billion birr. This has brought the total amount of loan the bank provided to 34.21 billion birr.

The bank’s work has been helped with its initiative to open up new branches in various parts of the country.

Its officials said the bank’s branch has increased by 31 during the year. Of these, 13 of them are dedicated only Sharia law based banking services.

The total number of branches of the bank reached 420.

The Bank will continue its journey of success and prosperity in Ethiopia with a plan to become a leading bank in the country by 2025, said Derbe.

By Mhret G/kristos