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Profits for Debub Global Bank went up 220 percent during 2015/16.
Bank Chairman Nuredin Awol, who spoke during their 4th general assembly at Millennium Hall, said the bank’s after tax profits were 51.6 million birr, an increase of 43.5 million birr.
He added that loans and advances increased 76.8 percent. The bank’s deposits reached 817 million birr, a growth of 6.4 percent.
During the 2015/16 fiscal year earnings per share of the bank stood at 222.83 birr. That is an increase of 143 percent. The bank’s total assets went up from 1.1 to 1.2 billion birr.
Debub’s paid-up capital increased from 197 million birr the previous year to 262 million birr.
Its net interest income rose by 78.4 percent to due to a sharp growth in assets while fees and commissions jumped 69.7 per cent, to 85.7 million birr.
After the bank implemented Core Banking Services (CBS) its success improved. They were able to offer digital banking services like electronic banking and ATM cards and make cheque transactions simpler by interfacing their core banking with the National Bank of Ethiopia.
The president of the bank, Adissu Habba, said they will continue to focus on their priorities which are increasing Debub’s base of deposits and clients while mobilizing capital and transactional income. The bank plans to open new branches while continuing to provide excellent quality at its current branches, in order to keep their customers happy.
He added that the bank’s investments have been deliberate and diverse and that they strive to keep costs down, while relying on a robust IT system to provide excellent customer service in all of their business practices.
To meet the 500 million birr minimum paid up capital requirement of the National Bank of Ethiopia, the shareholders of the bank have left profits in the bank. In the current fiscal year the bank plans to earn 100 million birr in pre-tax profits, and add six additional branches, brining their total to 28.