United Bank’s FY 2017/18 profit surged by 42.81%, amassing Birr 706.98 million profit before tax

United Bank SC conducted its 10th extraordinary and the 20th annual general meeting of shareholders at the Addis Ababa Hilton Hotel on October 25, 2018.

ADDIS ABABA– United Bank S.C. delivered a commendable performance in terms of yielding good operational and financial results as well as in laying the foundation for greater growth opportunities in the years to come. This was disclosed, during the 20th Annual General Meeting of Shareholders of the Bank held at the Addis Ababa Hilton Hotel on October 25, 2018.

Speaking on the occasion, Ato Zafu Eyessuswork Zafu, Chairman of the Board of Directors of the Bank noted, during the period the aggregate deposits of the Bank rose by 29.63% to reach Birr 23.08 billion. Total outstanding balance of loans and advances also recorded an increase of 24.53% over the previous year. According to the chairperson, the performance comparison with private banks competitors in this regard showed that United Bank is placed a fair fourth.

During the FY 2017/18 the Bank’s operating gross profit before tax and after provisions increased by 42.81% from that of the previous year to reach Birr 706.98 million. Meanwhile, Ato Zafu noted with the opening of 22 new branches during the course of the year, the branch network of United Bank as of 30 June 2018 had reached 229.

Zemen Bank grosses more than 1.1 billion birr, a 15.3% increment from previous fiscal year

Ato Zafu also mentioned in the period, the Bank finalized a consultancy agreement with Deloitte Consulting Ltd., the largest among the big four international consulting firms, to design a long term strategic road map. According to him, the partnership is aimed at enabling the Bank to be one of the top five private Banks in East Africa by 2030.

The meeting that followed the key-note address dwelt on a number of issues pursuant to the Bank’s financial and operational performance during the reporting period, as well as on matters regarding the appropriation of profits, remuneration of Board of Directors, payment of service rendered by External Auditors et al.

The shareholders also made a vote for the appointment of six Board of Directors in place of Directors whose tenure has ended. The 20th Annual General Meeting reached its conclusion with a declaration of dividend of Birr 403.88 million to be paid on fully paid shares.

Meanwhile, on the 10th Extraordinary General Meeting of Shareholders the Board submitted a proposal to increase the paid up capital of the Bank to Birr 5 billion. Accordingly, an exchange of diverging views was made among shareholders before voting to increase the capital as proposed.

About United Bank SC

United Bank is a share company that stands among the few prominent private Banks in Ethiopia, operating all over the country, with various service channels that include branches, sub-branches, agents, ATMs (Automatic Teller Machines), PoS (Point of Sales) machines, internet services and mobile banking. United Bank provides an array of banking services that include: conventional, interest free and multi-Channel banking products. The Total Assets of United Bank SC as at 30 June 2018 reached 28.03 billion.

Source: United Bank S.C.