Oromia Bank achieves record profit and strong growth in various areas

By our staff reporter

Oromia Bank announced a net profit of 1.5 billion birr, marking another record profit before tax. The bank’s investments, as of June 30, 2023, amounted to 153 million birr. Additionally, it made further investments totaling 17.1 million birr, with 8.59 million from Oromia Insurance, 4.83 million from Sun Industry, 3.68 million from Etswitch, and the remainder from three other companies, as stated in its annual report.

During the year ending on June 30, 2023, Oromia Bank generated a total of $371 million in foreign exchange through international banking operations, achieving 102.1 percent of its plan. The bank also witnessed a significant 33 percent increase in its foreign exchange reserves compared to the same period the previous year, contributing to notable growth within the Ethiopian banking industry.

The bank reported total assets of 65.4 billion birr at the end of the fiscal year, with its capital reaching 5.4 billion birr.

Teferi Mekonon, the bank’s CEO, highlighted a 43 percent increase in income, amounting to 2.45 billion birr compared to the previous year, reaching a total of 8.3 billion birr. The report further disclosed that the bank’s net profit reached 2 billion birr.

The 14th annual regular and 5th emergency general meeting of Bank of Oromia SC was held at Millennium Hall.

The bank demonstrated a 24 percent growth in deposit collection performance in 2010, with deposits reaching 54.3 billion birr as of June 30, 2023.

Foreign currency earnings from international banking operations amounted to 371 million dollars, reflecting a growth rate of 32.8 percent, as stated in the report. Moreover, the bank’s total assets exhibited a 27 percent growth, reaching 66 billion birr as of June 30, 2023.

Currently, Oromia Bank serves 4.3 million customers, with over 2.5 million utilizing digital banking services.

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