The Cooperative Bank of Oromia (CBO) announced that a total transaction volume of 1.36 trillion Br was made through 489.5 million transactions on its digital platform, Coopay E-Birr. Fuel payment transactions alone reached 1.15 billion Br across 105,500 transactions. The platform added 8,959 agents, 32,840 merchants, and 3.85 million new subscribers in the year. However, at 2.51 billion Br, the Bank’s gross profit before tax declined by 26pc from last year’s 3.39 billion Br. Board Chairman Fikru Deksisa (PhD) described the year as a year of innovation, citing the platform’s growth as a high example. The Bank looks to stay in the forefront of digital innovation with the introduction of DX Valley 2.0, an incubation hub focused on nurturing start-ups and developing advanced digital solutions through mentorship, digital infrastructure, and key resources. In addition to its digital advances, CBO achieved a substantial increase in deposits, rising by 903 million Br to reach 117.15 billion Br. The Bank disbursed 2.3 billion Br in new loans, bringing its total loan portfolio to 99.40 billion Br. Total revenue reached 19.03 billion Br, reflecting a 7.5pc growth from the previous year, while total expenses rose by a moderate 15.35pc to 16.52 billion Br. Despite industry-wide obstacles in export earnings and limited access to foreign exchange, CBO earned 258.35 million dollars in forex inflows. The Bank's deposit growth included the addition of 2.21 million new accounts, raising the total to 13.34 million, a notable 19.6pc increase. During the year, CBO opened 20 new branches, increasing its total to 758 branches.
Loading your updates...