[Feb 2017] Cooperative Bank of Oromia (CBO) Latest Ethiopian News - AddisBiz.Com | Ethiopian Business Guide
The Cooperative Bank of Oromia (CBO) has reported an eightfold decline in its profit, from 312 million Br to below 40 million Br. This kind of a slide is rare in the private banking industry.
“This is a very shocking performance,” said Abdulmenan Mohammed Hamza, accounts manager at Portobello Group Ltd., a London based...
Cooperative Bank of Oromia S.C., has registered a 531.8pc increase in its provision for doubtful debts and other assets to 228.4 million Br under the helmet of its top executives who were suspended by the National Bank of Ethiopia (NBE) in August, 2015.
The sum is considerably higher than last year’s and than that of all banks which have released their financial statements. This is the updated version of the report which initially indicated that the Bank had a 322pc increase to 152.4 million Br but which was later rejected by the...
What might be an industry-wide forex and letters of credit malpractice in the country’s financial sector, as well as tardiness to respond to warning letters from the central bank has cost the Cooperative Bank of Oromia (CBO) S.C. its highest brass. Its chairman of the Board of Directors and top executives were suspended last week en masse, and are now under probe by auditors from the National Bank of Ethiopia (NBE).
Auditors are now investigating gaps in reporting the utilisation of foreign currencies, with a discrepancy showing...
The Cooperative Bank of Oromia is to begin interest free banking services nearly seven months after getting the licence in February, 2015, focusing on deposits, financing, as well as investment.
Services include Wadiya accounts for cash, Wadiya current accounts for cheques, Muharaba investment savings account and Haji Umra account to save for the pilgrimage to Mecca, Saudi Arabia.
Among its financing services are Muharaba financing, where the bank delivers any good after receiving the full money and specification of the...