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Oromia Bank has reported a strong financial performance for the 2017 fiscal year, achieving 2.6 billion birr in pre-tax profit—an impressive 155% jump compared to the previous year. The announcement was made during the bank’s 16th Annual General Shareholders’ Meeting, currently underway in Addis Ababa.
Strong Growth in Deposits and Assets
Dr. Assefa Sime, Chairperson of the Board of Directors, revealed that the bank’s total deposits have climbed to 70.3 billion birr, reflecting growing customer confidence and an expanding market footprint.
He added that Oromia Bank’s total assets have now exceeded 85 billion birr, positioning the institution among the fast-growing private banks in Ethiopia’s increasingly competitive financial sector.
Capital Strengthened to Support Expansion
The bank also reported significant progress in strengthening its capital base. Paid-up capital has reached 6.88 billion birr, while total capital stands at 11.6 billion birr.
This capital growth, according to the board, is essential for meeting regulatory requirements, supporting lending capacity, and preparing for Ethiopia’s soon-to-open banking market where foreign banks are expected to enter under Directive SBB/94/2025.
Revenue Tops 12.36 Billion Birr
During the shareholders’ meeting, management highlighted that Oromia Bank generated 12.36 billion birr in total revenue over the fiscal year. This includes income from loans and advances, service fees, and various investment activities.
The bank attributed its strong revenue and profit growth to improvements in digital banking services, expansion of branch networks, and enhanced operational efficiency.
Shareholders Optimistic Amid Sector Reforms
The sector-wide banking reforms—foreign bank entry, forex auction adjustments, and capital requirements—were also discussed. Shareholders expressed optimism that Oromia Bank’s strengthened financial position will allow it to remain competitive as Ethiopia transitions into a more open and regulated financial environment.
Oromia Bank is expected to outline new strategic priorities focusing on digital transformation, customer acquisition, and sustainable asset growth.
