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OIB held 10th Ordinary Annual Meeting of Shareholders

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  • The Bank earns Birr 1.001 Billion profit before tax

Oromia International Bank S.C a colorfully held its 10th ordinary annual meeting of shareholders
at Millennium hall on November 28, 2019 here in Finfinne.
The meeting was opened after the required quorum checked by the representatives of National
Bank of Ethiopia, Document Authentication and Registration Authority and top shareholders.
Then Board of Directors member Obbo Ajema Gondel welcomed the shareholders and
introduced agendas of the day. He invited Abba Gadaas to deliver their sermonic messages.
Board of Directors Chairperson Obbo Gadisa Bultosa presented the summary of 2018/19 the
Board of Directors report to the general assembly. He forwarded his gratitude and appreciation to
the shareholders and all stakeholders for their unwavering and non-stop support to the Board of
Directors during the reporting year.
In his report, Gadisa briefed the challenges the Bank experienced during the year due to certain
factors – the global and local economic, social and infrastructural constraints.
“However, Obbo Gadisa underscored, Oromia International Bank S.C, as always, registered
laudable achievements amid the aforementioned difficulties. The deposit, income, profit, among
others, ascended significantly. As a result, the OIB has earned a profit of Birr 1,001billion before
tax; while the Bank’s income has grown to Birr 3.2 billion in the reporting year,” he said.
He added that OIB is living up its mission in that it is reaching customers through 265 branches
and installed 77 ATM machines over the last year. Agents of OIB (Oro-Agent) have also reached
227, according to the report.
The external Auditor, TAY Authorized Accountants and Auditors also presented the audit report
of the Bank for the financial year 2018/19.
The Shareholders acclaimed the accomplishments for the reporting year and advice for the
future. They also asked certain questions. Obbo Gadisa and the President of OIB, Abie Sano
addressed to those questions.

Finally, in accordance with the Directive of the National Bank of Ethiopia, the Shareholders
nominated ten candidates and voted for five to be elected for the Nomination Committee of
Board of Directors. The adjournment of the meeting was marked by the minutes presented by the
Board of Directors Secretary at around mid of the day.

 

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