Oromia Credit Records 560m Br in Profits


Oromia Credit Records 560m Br in Profits

Oromia Credit & Saving S.C., now known as Siinqee Bank, registered net profits of 560.5 million Br in its last fiscal year of operating solely as a microfinance institution (MFI). The former MFI saw deposits balloon by 20pc to 6.1 billion Br over the same period while its assets hit 16 billion Br, an 11.2pc increase. It disbursed 9.7 billion Br in loans over the reporting period. Oromia Credit grew its paid-up capital by 175pc to 7.7 billion Br last year, putting it on track to join the banking industry on a footing with industry giants such as Awash International Bank, whose paid-up capital has grown to 8.2 billion Br. Oromia Credit was relicensed two months ago, with regulators at the central bank giving it the go-ahead to provide banking services in addition to working as a microfinance institution.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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