Oromia International Bank, a private financial institution in Ethiopia which recently rebranded itself as, Oromia Bank, has announced close to 872 million Birr annual profit after tax for the year ended June 30, 2021.
Before tax Oromia Bank has made a total of almost 1.13 billion Birr, according to the financial statement of the Bank, which held its annual shareholders meeting last week. The previous budget year concluded June 30, 2020 Oromia Bank has made a total of about 861 million Birr annual profit after tax.
During the budget year concluded June 30, 2021, the total assets of the Bank has increased to about 41.7 billion Birr from 33.8 billion Birr the previous year. Likewise total liabilities of Oromia Bank have gone up by about 7 billion Birr to 36.2 billion Birr by June 30, 2021 from 29.2 billion Birr the previous budget year, according to the financial statement of the Bank.
The total equity of Oromia Bank stood at 5.47 billion Birr by June 30, 2021 from 4.59 billion Birr in 2020. By June 30, 2021, the total number of bank branches of Oromia has reached 316 of which 16 are opened during the year.
“The customer base in terms of number of deposit accounts grew by 45 percent and reached 2.49 million. Deposit resource mobilization performance showed a growth of 24 percent and reached 34.35 billion Birr as of June 30, 2021 comprising both conventional and interest-free banking deposits,” said Teferi Mekonnen Yadeta, President of Oromia Bank in his message to the shareholders.
Oromia Bank is on the verge of commencing the construction of the 29 storey headquarters complex at the premises of the future financial Hub. Currently, OIB owns a G+13 twin Building Head Office on Bole road, around Olympia immediately beside Getu Commercial Center formerly known as SA building.