Cooperative Bank of Oromia S.C. (CBO) secured a gross profit of 470.6 Million Birr during the past budget year. This income is 78 percent higher than what the bank has earned in the budget year before that.

During the Bank’s annual meeting on Saturday, July 26, 2014, Wondimagegnehu Negrea, President of the Bank, commented, “We are excited with the trend in our performance that reflects growth in all our business segments.”

The president furthered his company sees a lot of opportunities in Agriculture and manufacturing sectors, which he says, supported the Bank’s growth in past budget year.

During the 2013/2014 fiscal year, deposit at CBO reached 5.45 Billion from 4.47 Billion. This has enabled the Bank to extend 3.65 Million Birr more as loan.

According to Wondimagegnehu, CBO will start rendering services such as mobile banking, Automatic Tailor Machine (ATM), internet banking, Point of Sale (PoS) services, in the near future for the Bank seeks to increase customer deposits.

During the past 10 months CBO has opened 29 braches which brought the number of the Bank’s branches to 106.

Source: Capital