Ethiopia _ Cooperative Bank of Oromia profit up by $21 million

Compared to the previous year the net profit of Cooperative Bank of Oromia (CBO), one of the private banks in Ethiopia, has increased by 29.2 percent reaching 666.7 million birr (about $21 million at the current exchange rate) during the budget year ended June 30, 2019.

The annual report of the Bank, which is distributed to the shareholders last week shows that the total revenue of CBO has increased by 48 percent to 3.71 billion birr (about $117 million). The total asset of the Bank has also gone up by 11.91 billion birr (about $375 million) a growth of 39.82 percent compared to the previous budget year.

The total loans and advances of CBO has also increased by 8.86 billion birr (about $279 million) from 15.5 billion birr (about $487.5 million) at June 30, 2018 to 24.36 billion birr (about $766 million) on June 30, 2019. Customer deposits of CBO has also grew by over 40 percent to 36.17 billion birr (about $1.14 billion). About 1.1 million new deposit account holders were also added during the year concluded June 30, 2019 increasing the total number of deposit account holders of Cooperative Bank of Oromia to 5.3 million.

“…The Bank recorded yet another year of solid performance across all metrics, which was enabled through a strong commitment to our strategy and sustained delivery of value propositions to our clients,” said Deribie Asfaw, President of CBO, in his message published on the annual report.

Compared to the previous year the foreign currency generation of CBO has also increased by 11.4 percent to $310.4 million on June 30, 2019. During the year ended June 30, 2019 CBO has opened 91 new branches across Ethiopia, which increased the total number of its branches to 389, according to the annual report of Cooperative Bank of Oromia for the budget year concluded on June 30, 2019.