The Oromia Credit and Saving Enterprise announced that it has disbursed over 306 million Ethiopian birr in loan to beneficiaries during the first quarter of the current fiscal year.
The Enterprise told Ethiopian News Agency that it has distributed the loan to 96,000 beneficiaries through its 294 branch offices.
Oromia Insurance Company (OIC) S.C., one of Ethiopia’s private insurance companies has paid a claim of 525,000 Birr for 300 farmers in Oromia Regional State for crop failure, Addis Fortune reported.
Oromia Insurance Company registered 11.7 million birr in net profit in the last financial year. The insurer recorded a 447% 
increase from the 2.1 million birr it had earned in the previous financial year.
The profits earned during the last fiscal year were a new record for the insurance company just three years old. The increased revenue earned by the company is due to an enhanced system of risk selection and a decrease in credit balances due to an extensively implemented collection strategy according to the annual report presented by the company.
The increase in the revenue of the company was also supported by an effectively applied cost saving and control mechanism, Investment of temporary idle cash in fixed-time deposits, and small dividends generated from equity investment noted the OIC.
The Oromia International Bank, Ethiopian announced a profit of 49.4 million birr after tax for the previous fiscal year. The bank was able to register a 23.7% growth in performance as compared to the revenue it had earned in the previous year according to the announcement at the Third General Assembly Meeting.
A significant part of OIB’s profit come from interest income which totaled 122.4 million birr at the end of the last fiscal year while non interest income grew to 106.9 million according to the company report.
The bank however failed to perform well in foreign exchange transactions with the exception of the revenue it earned in relation to devaluation.
Oromia International Bank Share Company announced a net profit of 44.4 million birr. The bank’s profit exceeds that of the 
previous fiscal year by more than 25.1 million birr.
Oromia International Bank recorded 56.7 million birr profit before tax while its overall revenue reached 153.1 million birr.
The bank traces its success to a rewarding working environment, good customer service and a strong relationship between the board and management according to Abera Tola Chairman of the Board of Directors at OIB.
