Oromia International Bank (OIB), one of the private banks in Ethiopia, made 248 million Birr profit in the last fiscal year. The profit is 12 percent higher than the bank’s performance during 2015/2016.

Significant increase was achieved by the bank in different aspects of its business. Earnings per share (EPS) grew from 310 Birr to 364 Birr. Revenue from various income generating activities grew by 37 percent and reached 1.1 billion Birr.

Loans and advances extended by the bank reached 5 billion Birr, from 4.7 billion Birr in 2014/2015. Share interest income also reached 66 percent.

Nonetheless, total expenses have also grown by 51 percent and reached 838.5 million Birr.

When OIB was established in 2008, its paid up capital was 91.2 million Birr. The bank’s paid up capital now stands at 912 million Birr.

Source: Fortune