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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Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


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Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


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Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...


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