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Generates 2.51 bln Birr gross profit
The Oromia Cooperative Bank (Coopbank)said that it has been demonstrating a profound progress and reinforcing unwavering commitments to its customers and shareholders growth and excellence.
The bank generated a 2.51 billion Birr gross profit before tax in the 2023/24 fiscal year while securing a total revenue of19.03 billion Birr reflecting a 7.5% increase from the previous year.
Coopbank’s Board Directors Chairperson Fikru Deksisa (PhD) reported its 2023/24 FY financial performance during its 11th stakeholder’s annual general meeting in the presence of shareholders, directors and other representatives.
He underscored that despite challenges fluctuating international trade dynamics and local pressures, the bank remains steadfast in its commitment to growth, stability and value creation for its and customers and stakeholders.
Also, Coopbank is aggressively advancing its utmost efforts in financial inclusion, sustainability, and community empowerment, the chair noted.
He said, “We have achieved many great successes, particularly in digital banking solutions and platforms by addressing significant gaps in traditional lending for small businesses lacking credit history or collateral.”
Fikru said, adding that these innovative solutions and platform help to foster sustainable development, job creation, and financial inclusion across Ethiopia.
He reiterated that the bank’s digtal-first and innovative banking approach is an enabler for Coopbank to remain at the forefront of the evolving banking landscape.
According to him, the financial performance reflects the bank’s resilience and adaptability with total deposits reaching 117.15 billion Birr.
“Coopbank’s total revenue reached 19.03 billion Birr, marking a 7.5% growth compared to the previous year, driven by a 15.1% increase in interest income,” he said.
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The bank added 2.21 million new deposit accounts, resulting in a 19.6% increase during the reported period. Indeed, the total number of deposit accounts to 13.34 million, demonstrating our dedication to financial inclusion.
Apart from maintaining its Digital-First approach, focusing on innovation and enhancing the customer experience, he emphasized that the bank is working on human resource and institutional development, digitalization and creating enabling financial ecosystem to realize its desired vision.
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