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United Bank S.C. has registered lower profit in the past fiscal year of 2012/13 that ended on June 30, 2013.
The report presented to the general assembly held on November 7 at the Hilton Hotel indicated that the bank registered an 8 percent drop in profit for the 2012/13 fiscal year when compared to that of 2011/12 fiscal year.
According to the report, the bank recorded 374.2 million birr profit before tax, which is 32.3 million birr less than the profit it registered in the 2011/12 fiscal year. The net profit after tax stood at 281.9 million birr.
The report indicated that the earnings per share also decreased to 47.7 birr during the stated period from 52.8 birr in the 2011/12 fiscal year.
Earning from different fees and commissions is one of the bank’s sources of income that declined during the year. The report indicated that the income secured from fees and commissions in the 2012/13 fiscal year is 194.9 million birr compared to 208.7 million birr registered a year ago.
Gains from foreign exchange dealings also decreased in the past fiscal year standing at 93.1 million birr, which was 100.8 million birr a year ago.
The bank in its general assembly has also appointed a new president that will replace Berhanu Getaneh. Taye Dibekulu, who served the bank in the position of senior vice president of operations, has been appointed the new president.
Even though Berhanu left his position as president, he has not left the company. The bank stated that he will continue to serve the bank as an advisor.
The new president as well as the former, Berhanu, are both board member of the United Insurance S.C