Oromia Bank Marks Lucrative Financial Year


Oromia Bank Marks Lucrative Financial Year

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.


Radar

Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


Radar

AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Radar

Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...


Back
WhatsApp
Telegram
Email