Oromia Cooperative Bank has the highest number of savings deposit holders ahead of private banks

 Oromia Cooperative Bank, which has earned 1.7 billion birr before tax in the just ended 2013 fiscal year, is the largest private bank in ...

 Oromia Cooperative Bank, which has earned 1.7 billion birr before tax in the just ended 2013 fiscal year, is the largest private bank in the country with over 7.73 million deposits.

According to a report released by the Bank for the fiscal year 2013, the bank has the largest number of depositors in the country in 2013.

In his annual report, Dr. Fikru Dexisa, Chairman of the Board of Directors of the Bank, said that increasing the number of customers is one of the major strategic directions of the Bank.

In addition, the low level of access to financial services in the country, combined with the access to national financial services and the National Financial Inclusion Strategy, has resulted in various measures to extend banking services to the out-of-control Ethiopians, he said.

It added 1.48 million new deposits during the fiscal year, an increase of 24 percent over the previous year.

The increase in the number of depositors has led to the growth of the Bank's deposits, which increased by 25.61 billion birr or 56.3 percent by the end of 2013 to 71.12 billion birr.

He said Oromia Cooperative Bank's performance in 2013 has benefited all stakeholders, including shareholders and customers.

This brings the total loan disbursement of the Bank to 54.5 billion birr. According to the Bank's Annual Report, the loan disbursement has increased by 59.7 percent during the fiscal year.

Domestic trade and services accounted for the largest share of the loan, accounting for 36 percent of the total loan disbursement.

International trade finance accounted for 28.9 percent, followed by manufacturing for 21.7 percent. The remaining sectors accounted for 21.1 percent of the total, according to the bank's president, Derbe Asfaw, in his report on the bank's annual performance.

The bank's non-performing loans have been reduced by 1.59 percent over the previous year. The same period last year was 2.35 percent.

According to the report, the bank has an annual revenue of 8.03 billion birr. This is an increase of 2.29 billion birr or 39.8 percent over the previous year. This is mainly due to the increase in loans. Earnings from loans accounted for 67.5 percent of the Bank's total annual revenue.

Non-interest earned revenues reached 2.61 billion birr, an increase of 65.1 percent over the previous fiscal year.

The cost of the bank has increased by 64.6 percent to 6.33 billion birr. As a result, the Bank earned pre-tax profit of 1.7 billion birr in the last fiscal year, an increase of 273.44 million birr or 19.2 percent over the previous fiscal year.

On the other hand, it is stated that the efforts made during the budget year to expand their activities in digital banking have improved their performance and have improved their performance by providing digital products and fast financial services to their customers.

According to the Chairman of the Board, various economic forecasts indicate that Ethiopia's overall economic growth in 2013 will be significantly reduced due to the effects of the CVD epidemic and occasional external pressures. It is said to be a year.

 The Bank is contributing its share in fulfilling its social responsibility by donating 70 million birr to drought-affected areas in Oromia State during its recent annual general meeting. The gift check was received by the regional president, Shimeles Abdissa, and the bank's president, Derbe Asfaw.

The Oromia Cooperative Bank, which opened 49 new branches in the just ended fiscal year, has become one of the leading banks in the field of interest-free banking.

Oromia Cooperative Bank has increased its total capital to eight billion birr. The paid up capital is 4.65 billion birr. According to the Bank, an additional 1.65 billion birr has been raised during the fiscal year.