Debub Global Bank announces 14.5 mln br profit

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Debub Global Bank Sc (DGB) is experiencing the fruits of its labor as the bank’s bottom line continues to grow. They announced a profit of 14.5 million Birr as of March 31st 2014 and mobilization of USD 24.30 million in foreign currency. The bank now boasts assets worth 608.2 million Birr as well as a paid up capital of 165.7 million Birr.
DGB announced it will also be investing 21 million birr to acquire a Core Banking System along with related hardware and software.
DGB has been utilizing an in-house developed software named Softbank but after careful analysis and many bench marking activities, the bank decided to work with Flexcube and Oracle Financial Services and has signed a purchase agreement.
The bank decided on the two Core Banking System providers because those programs have been implemented and have begun successfully working at a number of financial institutions, it is top rated internationally by independent agencies and works with 319 banks in 115 countries. They  also currently are looking to develop a way for their customers to bank using their mobiles.
DGB has two international correspondent banks; Commerzbank of Germany and Deutch Bank Trust Company Americas. It also has established a working relationship with 33 international banks.
Apart from traditional banking services and products, the bank has also introduced youth saving schemes, and retirement savings and supplier guarantee programs. Besides these current services and products, the bank also plans to introduce non-interest bearing services, saving programs targeting women, ATM and Internet banking.
DGB is the 15th private bank in Ethiopia; it was established by 5,481 shareholders and was officially inaugurated on October 6th 2012. The bank has 20 branches across the country.
The prominent founders of the bank include Abate Kisho, former president of the Southern Regional State, Tilahun Abay, a former president of the Commercial Bank of Ethiopia and veteran banker and Tsegaye Gebrewold, manager of Ethio-Investment promotion.