Siinqee Bank Makes its Mark

Jan 7 , 2023

Siinqee Bank's shareholders decided to raise the bank's capital to 10.8 billion Br. The third-generation bank has raised its paid-up capital by six percent to 7.45 billion Br, with a total capital of 8.09 billion Br. Siinqee Bank made its official debut in the banking industry with a capital base that puts it on a footing with veterans a few months ago. Sinqee, with close to 3.2 million customers, deposits have increased to 10.28 billion Br.  The bank's total asset has reached 20.54 billion Br, growing by 28.1 pc. The Bank has registered a gross profit of 371.6 million Br. The total loan portfolio stood at 17.82 billion Br, growing borrowers' size to a whopping 748,000, showing a 28.7pc increase. The Bank's branches have reached 404, 134 banks and 270 microfinance outlets. Founding President Neway Megerssa told shareholders that the Bank is prepared to give microfinance services to customers at the first annual general assembly held at Elilly International Hotel. Formally known as Oromia Credit & Saving S.C., Siinqee is among the first microfinance institutions (MFIs) to obtain a banking license after the central bank allowed MFIs to evolve into full-fledged banks last year.