Oromia International Bank held its 11th Annual Ordinary and 3rd extra ordinary Meeting of Shareholders colorfully here in Finfinne at Mechare Meda on Saturday 19th December, 2020.
As always, the meeting was opened by the blessings of elders thanking God for His protection and guidance along the way and praying for peaceful and successful deliberation of the meeting.
The Board of Directors Chairperson Obbo Asegid Regassa presented the just ended fiscal year performance report of the Bank. In his report, Obbo Asegid noted that during the reporting year, the COVID-19 pandemic hugely affected the global and local economies. Stiff competition in the industry, inflation and other challenges were also among the bottlenecks. Despite the odds in the year, OIB registered remarkable operational achievements, Asegid explained.
He also indicated that OIB has accomplished the year with commendable results in key performance indicators such as, income generation, profit and branch expansion including new Interest Free Banking dedicated branches. As the Bank extends its geographic presence, job opportunities are created for a number of citizens, he added.
Asegid further stated in his report that the Bank is witnessing its belongingness to the people as OIB has been doing well in discharging its social responsibilities. According to him, OIB donated over Birr 16.2 million in response to multiple issues such as National and Regional Resource Mobilization Initiatives to combat COVID-19 pandemic, Gebeta Le Sheger Project, School Feeding Program and provision of educational materials for students in Finfine and to others, too.
The External Auditor also presented the 2019/20 Financial Rport of the Bank and the shareholders lively discussed issues related to performance and Audit Report of the Bank.
The Board of Directors Chairperson Obbo Asegid Regassa and OIB President Obbo Teferi Mekonnen both answered the strategic and operational questions raised by the participants, respectively.