Oromia Bank exceeds its revenue target by four percent to 8.3 billion Br while registering two billion Birr gross profits. To the delight of shareholders gathered at Millenium Hall last week, the 63pc ascent in gross profits was accompanied by a 33pc hike in foreign currency earnings. It has reached 371 million dollars, marking a significant milestone for the 15-year-old bank, which was founded with 5,000 shareholders. Teferi Mekonen, president of the Bank, revealed that the total capital of the bank had reached 9.1 billion Br despite industry-wide challenges while its paid-up capital passed the regulatory minimum by 400 million Br. Teferi indicated the challenges of the contractionary monetary policy adopted amidst galloping inflation rates, even though the Bank managed to increase its loans and advances by 33pc to 42.6 billion Br Oromia's branch expansion at 103 new locations paid off as its total number of customers shot up by 34pc to 4.3 million while its mobilised deposits soared by 24pc to 54.3 billion Br. The Bank's total assets also grew by 27pc to 66 billion Br in the year while it maintained a non-performing loan ratio of 1.6pc.
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