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Debub Global Bank S.C (DGB) secured for the first time a profit of 18.5 million birr for the year 2013/14 which is high by 229.4 percent when compared to the last year’s performance. In the year 2012/13 the bank registered a loss of 14 .4 million birr.
The bank’s paid capital also rose by 39.1 percent jumping from 127.45 million birr to 177.7 million birr, while its total asset has reached 500.2 million birr passing the minimum requirement of the National Bank of Ethiopia’s directive.
“The successful strategy of increasing our presence by opening new branches as well as growing customer numbers and deepening the relationship we have with existing customers by providing them with value adding partnerships, drive our performance and growth for the rest of the year” said the bank’s president, Adissu Habba, on the 2nd Generally Assembly of share holders meeting that was held on December 20 at the Millennium Hall.
Currently DGB has 19 branches across the country and 4 of them were opened in the last fiscal year. The bank also planned to open up to seven branches in the coming 8 months.
Nuredin Awo, Chairman of the Board of Directors said “based on our achievement and the sound fundamentals which we continue to deliver, we are confident that our plan to become one of the strongest private bank in the country will be achieved shortly.”
“In regards to IT infrastructure, the core banking system of the bank is will be deployed and will consequently going live in the near future. The system would allow DGB to introduce seamless and innovative banking services.’’
The bank has selected Oracle Flexcube, to better serve its growing customer numbers and to leverage on technology to provide innovative products across all delivery channels online and on the mobile phone.
With the aim of expanding its correspondent account relations, DGB is currently working with well reputed 36 correspondent banks that cover 21 countries.
DGB joined the finance industry as the 15th private commercial bank to provide quality banking services The Bank received its license from NBE on April 20, 2012. However, it started rendering financial services on August 28, 2012 after fulfilling pre – operational requirements of NBE.