Oromia International Bank (OIB), which has become one of the top four financial institutions, has celebrated its 10th anniversary at a ceremony held at Hilton Hotel.
The bank took about two years to get through the formation process, but then they became extraordinarily successful. Abi Sano, President of OIB, said that the bank passed several challenges to reach today’s success.
He attributed hard work to their results. The bank is now equal to major banks in many standards.
The bank’s asset that was 1.1 billion birr in 2010 has reached 30.3 billion birr in May 2019, while the paid up capital now climbed to 2.3 billion birr, one of the largest.
At the celebration a representative said that total deposits stood at 24.8 billion birr in May 2019 that was 821 million in 2010. In 2010 OIB registered a profit before tax of 22 million birr, however this figure dramatically increased to 938 million birr at the end of the past financial year.
Currently OIB has close to 5,200 employees and over 260 branches, which is high compared with some old banks. Since its formation the bank has been led by Abi, who also served at the state owned giant Commercial Bank of Ethiopia (CBE) as the youngest president in the history of the bank.
OIB is also the first private bank to start interest free banking in the country. Abi said that his bank is the leader in generation and operation of the interest free banking sector in the country.