The Cooperative Bank of Oromia, Ethiopia announced that it has recorded a 139.8 million in gross profit in the last fiscal year.
This profit recorded is 105 percent more than the 71.5 million birr it earned in the previous financial year as announced at the Regular General Assembly the bank.
The bank was able to net 102 million birr and Earnings per Share grew by 55 percent from 29 birr to 45 birr for every 100 birr invested from what was recorded in the last fiscal year. CBO has announced a dividend payment of 33.6 percent for the reporting period. The bank retained 25.5 million birr as a legal reserve.
A significant portion of the income was earned from interest which raised 172 million birr. Incomes from commission and profits earned from the fluctuation of foreign currency according to the report.The General Assembly made the decision to increase the capital of the bank to 800 million birr from the current paid up capital of 330 million birr.
The total asset of CBO has reached b 3.7 billion birr increasing by 47 percent from the 2.2 billion birr in the previous year. The total capital of the bank made up of share capital, share premium and donated capital as well as legal reserve and retained earning stood at 417.2 million showing a 171.4 million birr increase from the previous period.
Source: Capital
