The Cooperative Bank of Oromia (CBO) secured 602 million Birr gross profit in the 2014/15 budget year, according to Capital.

Compared to 2013/14 budget year, this year’s profit has increased by 126 million Birr.

The Bank’s paid-up capital climbed from 632 million Birr to 864 million Birr and its total assets increased by 3.2 billion Birr, reaching 11.6 billion Birr, the Bank’s audit data states.

Deposit increased by 2.1 billion Birr from the previous year, reaching 7.3 billion Birr. The bank opened 35 new branches, adding the total number of its branches to 141.

Earnings per share (100 Birr share value) stand at 56 Birr, decreasing by four Birr from 2012/13 fiscal year per share earnings.

President of CBO Wondimagegnehu Negera told Capital “Working with many farmers helped to sustain our performance and understanding the whole spectrum of the country’s macro economy greatly helped us to perform better.”

Cooperative Bank of Oromia was founded on October 29, 2004 with 300 million Birr capital. It started operation on March 8, 2005 with a paid-up capital of 112 million Birr.

Source: Capital