Mar 12 , 2022
The Cooperative Bank of Oromia reports its total deposits have neared the 80 billion Br mark. Incorporated 17 years ago with a paid-up capital of 112 million Br, the Bank has exhibited impressive growth recently. Last year, it recorded the highest profit growth rate in the banking industry at 79.6pc, netting 1.12 billion Br. Deribe Asfar, the Bank's president, says it has mobilised 13.4 billion Br in deposits from its interest-free banking operations. Its total assets have grown to 97 billion Br. At the end of 2019/20, the figure had been closer to 50 billion Br. The Cooperative Bank is one of only four private commercial banks that have managed to meet the central bank's updated capital threshold of five billion Br. Others include Awash and Dashen banks, and the Bank of Abyssinia.
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