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.


Radar

Leather Industry Struggles to Meet Expectations

The struggling leather industry managed a little over 33 million dollars in export earnings over the first 10 months of the financial year. It is less than half of officials' aspirations to generate 69 million dollars over the same period, and highlights the troubles faced by the industry over the past few years. Exports from finished leather goods plunged 72pc last year from three years ago. Only eight finished leather manufacturers accounted for 89pc of last year's export earnings, sh...


Radar

Corporation Calls on Suppliers for 200,000tn Sugar Procurement

Executives of the Ethiopian Sugar Corporation have taken steps to procure 200,000tn of sugar from international suppliers. The Corporation had invited shortlisted companies to submit offers, after an attempt to procure the sugar through an international tender went awry. However, officials at the Ministry of Finance instructed its executives to scrap the invitation and proceed to float a second bid. The shortlisted suppliers have also been invited to take part in the bidding process. T...


Radar

TAGGED

Youth in the National Theatre area are waiting for the bus to start moving. They have found a handle to grab and accelerate them ones its starts moving as they ride their skateboard. Although skateboarding is nearly unheard of in Ethiopia, over the past few years, young people have developed a taste for it. Safety, though, leaves a lot to be desired...