Addis Credit & Saving Institution S.C. netted 490 million Birr in profits during the last fiscal year. The figure represents a 64pc increase from its performance in the preceding year. The microfinance institution (MFI) is one of three in the process of transitioning into a bank. Addis Credit plans to rebrand itself as the 'Bank of Addis' and join the industry with a subscribed capital of 10 billion Br and a paid-up capital of 3.7 billion Br. Oromia Credit & Saving S.C. will be entering the banking industry with 7.7 billion Br in paid-up capital as Siinqee Bank. Addis Credit's executives announced during the shareholders' assembly held a couple of weeks ago that they plan to raise the paid-up capital to 10 billion Br before the deadline set by regulators at the central bank expires in around six years' time. Incorporated in 1996, the microfinance institution owned by Addis Abeba City Administration and 10 other shareholders has assets valued at 7.7 billion Br.
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