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Oromia Cooperative Bank announces profit of over two billion birr in 2020/21

The bank earned a pre-tax profit of 2.39 billion birr in the 2020/21 fiscal year, an increase of 42.26 percent over the previous fiscal year.

This is the first time in the history of the bank that it has earned 2.39 billion birr (before promotion and depression), the president of the bank, Derbe Asfaw, said in a press statement.

In addition to the profits made by the bank, Derbe said it has increased its total assets from 28.52 billion birr in 2013 to 81.54 billion birr.

He said the total deposit has reached 72.69 billion birr, the number of customers has reached 7.73 million and the number of branches has been increased to 499 this year.

He said the total loan portfolio has reached 4.65 billion birr, an increase of 55 percent compared to the same period last year.

Leather factories reported losses due to a lack of containers at the port.

He expressed concern that the leather factories could lose their contracts due to the shortage of containers for international export products.

He said the leather factories, which used to export 51,496 square meters from June 15 to June 30, 2021, have lost their storage containers at the port.

The tanneries also said they were facing similar problems in importing chemicals for tanning and softening.

He expressed concern that the importation and production of these inputs could lead to the cancellation of market orders received on time.

He said if the problem is not solved in the future, it will affect the export performance of the sector and deprive the country of its foreign exchange earnings.

Therefore, he said, if the government and the concerned body do not realize this problem and solve it quickly, the factories may stop production.

Their information is from the Institute’s Communication Affairs Directorate.