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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Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


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$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


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Safaricom Soars with 6.1 million Customers

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