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United Bank will be a billion birr bank in three years after selling four million shares, each worth 1,000 birr.
The bank announced this on its 8th Shareholders’ Extraordinary meeting held on Saturday June 15.
The proposal presented at this meeting to the shareholders indicated that the bank plans to increase its authorised capital as well as paid-up capital to one billion birr in three years time.
United Bank has also decided to open its doors to new potential shareholders in view of boosting its capacity.
The proposal states that existing shareholders can subscribe for the new shares in proportion to their current shareholdings. Subscription for the new shares shall however expire on the 30th of November 2013. Subscription then will be open to shareholders who want to subscribe beyond the proportion of their existing shares from the 1st of December upto the 31st.
In line with the bank’s desire to open its doors to new shareholders, the proposal states that if the new shares are not fully subscribed for before the 1st day of January 2014, subscription will be open to new shareholders, and the management of the Bank, in consultation with the Board of Directors, will give priority to new potential shareholders. Those shareholders who want to subscribe in proportion to their number of shares or more than the proportion of their present shareholdings, may subscribe by paying an additional premium of five percent.
Since the actual value of the shares of the bank has significantly increased, United also proposed a premium increase of 30 percent when buying new shares.
The proposal also states that profits will be distributed to all shareholders on the basis of their relative proportion of shareholdings in the total paid-up capital and the relative duration of part or full payments of the value of the shares in the course of the financial year. However, the bank can offset any unpaid portion of the subscribed shares against the dividend payable to shareholders.
United Bank in the previous fiscal year earned 406.5 million birr profit before tax which was a growth of 82 million birr, compared with the 2010/11 fiscal year.
Last year, in its financial report, United indicated that it had secured 297.8 million birr net profit after tax and that it paid 108 million birr for the reported year.
According to the bank’s audit report last year, earnings in the 2011/12 fiscal year per share of 100 birr were 52.8 birr. In the 2010/11 fiscal year the earnings were 52.81 birr, which is a one cent increment compared with the last fiscal year of 2011/12.
Last year’s total capital of the bank, which comprises paid-up capital, legal reserve, retained earnings and premiums on shares capital, stood at 1.1 billion birr, an increase of 200.4 million birr or 22.2 percent compared with the balance registered as of June 30, 2011.
United’s paid-up capital had also grown to 580.9 million birr in the last fiscal year, up from 523.3 million birr in the year before. The bank registered 831.6 million birr total profit in the financial year.
The total operating expenses of the bank stood at 425.1 million birr at the end of 2011/12 fiscal year, which was an annual increase of 117 million birr.