Siinqee Bank Starts with ETB7.7 Billion
Siinqee Bank, the former Oromia Credit and Saving SC, total capital jumped by 175Pct to ETB7.7 billion from last financial year’s ETB 2.8 billion. The former micro-financer turned full-fledged commercial bank as of May 2021 grew its paid-up capital to ETB4.4 billion.
Formed with 22 shareholders, its assets rose to ETB16 billion, an increment of 11Pct from last year. During the financial loan and advances accounted for ETB12.8 billion while treasury bills investments of ETB219 million were made.
The new bank has over 400 branches, two million customers, and has been able to mobilize ETB6.1 billion in deposits. Earnings came in at ETB2.3 billion, showing an ETB338.3 million and 17Pct growth. Profits exceeding ETB500 million—a 54Pct growth.
