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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