Sat. Jun 15th, 2024

Oromia Bank Earns 1.52 Billion Birr Gross Profit

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Oromia Bank Earns 1.52 Billion Birr Gross Profit

Oromia Bank, one of the 30 commercial private banks in Ethiopia, has posted a gross profit of 1.52 billion Birr from its operations in the 2021/22 financial year.

Chairperson of the Board of Directors Gemechu Waktolat presented the annual performance report to the shareholders of the bank who met at Addis Park on Sunday.

The profit before tax has shown a 13.7 percent growth from the preceding year during the bank grossed 1.13 Billion Birr as earnings per share show a moderate increase from 270 to 307 Birr.

Gemechu also reported that the total revenue of the Bank grew by 24.8 percent to 55 Billion Birr last year.

The revenue was partly boosted by its foreign currency earnings which saw a 55 percent growth to reach 279.5 million US Dollars.

Oromia Bank began its operations after opening the first Bole branch on October 25, 2008, in Addis Ababa.

The number of branches under its network now has 400 with the addition of 84 new branches across Ethiopia last year.

Source: Ethiopian Monitor.

By Chala Dandessa

I am Lecturer, Researcher and Freelancer. I am the founder and Editor at ETHIOPIANS TODAY website. If you have any comment use caalaadd2@gmail.com as email contact. Additionally you can contact us through the contact page of www.ethiopianstoday.com.

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