Ethiopia: Bank Grants Eight Million Birr to Covid

- Secures over 1.9 Bln. Birr profit

ADDIS ABABA - Cooperative Bank of Oromia said that it has offered additional eight million Birr to resource mobilizing committees organized at national and regional level to combat coronavirus.

Briefing media on annual report yesterday, Bank president Derbe Asfaw said that it has granted the finance as part of its community role.

In addition to providing various supports to institutions working in social services, the bank has also offered its two buildings for the same services, he said.

Furthermore, it has engaged in providing transport services to workers and customers in a bid to strengthen efforts in containing the virus , he noted.

The president also indicated that the bank has reduced about five percent loan interest rate of customers aimed at minimizing the impacts of the pandemic.

As to him, the bank has so far extended about a total of 310 million Birr to the COVID 19 response.

On the other hand, the bank has achieved 20 percent increment of customers this fiscal year having 6.5 million customers in which it has enabled the bank to be the leading private bank in the country, he stated.

The bank also has obtained over 400,000 customers by installing and promoting a digital ecosystem called Coopay-Ebirr, he said.

This year, it has given over 3.73 billion Birr loan which made its total loan at 34.21 billion Birr. It has also opened 31 new branches in which the 13 are fully provides interest free loan based on the shariah principles, as to him.

The bank has secured over 1.9 billion Birr profit amid the spread of coronavirus this budget year, he expressed.

According to Derbe, the profit has 102 percent increment from last fiscal year obtained profit before taxation. This year the total asset of the bank has reached 52.92 billion Birr from 41.79 Billion in 2011 E.C. with 11.13 billion Birr increment, he mentioned.

It was before 15 years ago that Cooperative Bank of Oromia was established aimed at financing cooperative societies with 112.5 million paid and 300 million authorized capitals, it was learnt.

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