Oromia International Bank (OIB) posted a 71.9 percent rise in annual profit. The bank's profit for the year ended on June 30, 2013 totaled 77.5 million birr, Fortune reported.
The Bank’s return on average equities rose to 17.34 percent from 14.8 percent. The bank also managed to mobilize a total deposit of close to 3.1 billion birr, a 44 percent rise from earlier a year, Fortune reported citing the bank's annual audited report.
Oromia Insurance Company (OIC) has introduced a new scheme to pay compensation for livestock before the drought season, Addis Fortune reported.
Oromia Insurance Company (OIC) disclosed it has made compensation payments worth 1.6 million Birr for farmers who lost their cattle as a result of El Nino phenomena which occurred last year across Ethiopia. The insurance company effected the payment to 1,470 farmers around Guji and Borena Zones in Oromia.
Oromia Insurance Company (OIC) reported a 239% rise in gross profit in the 2012/13 fiscal year, Capital reported.
OIC, established about four years ago, earned 28.1 million birr profit before tax in the reported period. The company's report presented to the general assembly indicated that, the insurance company earned 20.2 million birr net profit after tax and legal reserve.
OiLibiya, one of the fuel suppliers in Ethiopia, opened 17 additional gas stations with an outlay of 75 million Birr. The gas stations are opened by joining hands with Ethiopian businesses, which took the total of OiLibiya gas stations in Ethiopia to 167.
