2merkato

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.

Over 1,600 kg of gold was supplied to the central market from Guji Zone of the Oromia Regional State over the last nine months, Mines Office of the zone said.

The amount exceeds the set target by 100 kg and that of the same period last year by 549 kg, Mekonnen Lema, head of Mines Development Administration Office, said.

The cooperatives in Guji, which supplied the 1,600 kg of gold to central market this year, are preparing to supply more than 2,000 kg of gold to the market for the coming fiscal year.

Source: Ethiopian News Agency

Over 20 UK companies, in the Invest Africa platform, are exploring investment opportunities here in Ethiopia.

The Job Creation and Enterprises Development Bureau of Addis Ababa, Ethiopia's capital, announced that it has created job opportunities for 205,477 citizens within the past nine months. Abiot Tadesse, Director of the Bureau, said 167,138 of the new jobs created were for the youth. Again of the total figure, 97,079 were for women and 21,342 were for college graduates.