The Oromia Cooperative Bank, Ethiopia announced a net profit of 47.3 million birr for the last fiscal year. The profit recorded by the bank showed an increase of more than 88% from the previous year. 
OCB was able to increase its total assets by 47% to 2.5 billion birr while total deposits drew close to 2 billion birr showing a 45% increase according to Wondimagen Negera President of the Bank.
The six month performance report of the bank showed that OCB recorded above 60 million birr in gross profit meeting more than 50% of the bank’s 110 million birr target of net profit for the year said Wondimagen.Oromia Cooperative currently has an estimated 135, 000 customers which is a significant increase on the 75,000 customers it had last year.
The bank has signed agreements with international money transfer agents including Khaa, Express and Money Express this fiscal year.
The bank has also managed to increase the number of its branches to 51 opening new branches in regional states, including Oromia and Southern Regional States.
It is expected that the bank will open 15 more branches this fiscal year said Wondimagen.
OCB is in the pilot stage of the project to integrate all of its branches through core banking solutions technology in the process of being installed by Infrasoft an Indian company.
The bank is also in the process of establishing a one window service at all of its branches.
Source: Capital
