Cooperative Bank of Oromia (CBO) reported gross profit of 267 million birr for the 2012/13 fiscal year, Capital reported.

Abera Deressa, board chair of CBO siad, “Global growth dropped to almost three percent in this past year, which indicates that about a half a percentage point has been shoved off the long-term trend since the crisis emerged,” addressing the company's share holders during its general assembly on November 30 in Adama town.

“Yet, economic conditions in sub-Saharan Africa have remained generally robust against the backdrop of a sluggish global economy,” he said.

CBO's number of customer accounts jumped 47.5 percent, deposit balance grew by nearly 60 percent to reach 4.47 billion birr and gross profit increased by 90.7 percent. The total assets of the bank has also increased by 78.07 percent to 6.54 billion birr during the reported period, according to the company's annual earning report.

Established in October 2004 with 300 million birr of authorized capital, CBO announced plans to expand its branches to reach 86 in the current fiscal year.

Source: Capital