Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggressive branch expansion investment over the last three years.” Teferi Mekonnen, president, stated that the numbers reflected a slower growth rate and unsatisfactory performance compared to previous years. The Bank remained optimistic about its future prospects, particularly with the acquisition of land for a new headquarters building and the expected completion this year of a 35-floor transitional headquarters around Goma Quteba on the intersection of Sudan and Tesema Aba Kemaw streets. Loans and advances grew by three percent to reach 43.7 billion Br, well below the regulatory limit of 14pc while foreign currency generation declined by 12pc to reach 327.2 million dollars. The Bank employs a total of 6,503 staff.
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