Month: September 2020
The bank expands IFB service from window-based to branches
Coopbank is currently increasing its number of Interest Free Banking branches to more than 13.
Since the country is home to a large number of Muslims, they are not are not interested in using common banking services for it’s not in line with the rules of their faith. With this in mind, the bank is opening Interest-Free Banking branches in various cities of the country.
Acquiring an adequate experience from different parts of the world, public and private banks in the country are providing this service to meet the needs of their customers. Likewise, Coopbank is also increasing its number of branches which was only available through one window previously.
The expansion of the branches will help to provide affordable service and satisfaction to its customers.
In addition, to meet the needs of its customers, it has facilitated the provision of digital banking services based on Sharia law by providing Halal ATM card and Coopay E-birr.
The bank is working hard to achieve its goals and be the pride of its customers.
Cooperative Bank of Oromia’s profit rose by 85.47pc to ETB 1.42 billion
Cooperative Bank of Oromia made a record operating profit of ETB 1.42 billion in the 2019/20 fiscal year, a rise of 85.47pc from the last fiscal year. It is the highest in the previous 15 years journey of the bank, making it the third most profitable private bank in the country. The earnings per share for the year became 47pc, up from the last fiscal year’s 36pc.
The bank attributed the impressing operating profit performance of during the period mainly to our effective revenue and expense management practices.
During the fiscal year, the bank was able to generate a revenue volume of ETB 5.74 billion, which grew by birr 2.03 billion compared to the same period the previous year, mainly attributed to the growth of the bank’s loans and advances as an interest income stood at ETB 4.16 billion, 72.4pc of total revenues.
Consolidated non-interest income generated was ETB 1.58 billion, which grew by 75.77pc from the last fiscal year. The bank mainly attributed to increased income of commission and service charge from Forex and IFB income.