Debub Global Bank of Ethiopia has made gross profit (before tax) of 284 million birr (close to $8 million at the current exchange rate), which is double compared to the previous year (2017/18) gross profit.
This is indicated during the annual shareholders meeting held this morning in Addis Ababa. The report also shows that during the budget year concluded June 30, 2019, net profit of the Banks has also almost doubled.
“…Debub’s earnings per share has increased 147% to 323 birr per (around $10.4) ordinary share of 1,000 birr (about $32) each, driven by the net profit of 210 million birr, which also has a growth of 98% compared to the previous year,” the report noted.
Return on asset and return on equity of the Bank has increased to 4.8% and 25.1%, compared to the previous year 4% and 20%, respectively. “…Debub Global achieved the above stated returns in spite of boosting its paid up capital by 142 million birr (about $4.6 million), a growth rate of 25%, and brought the total standing to 722 million birr (about $23.2 million),” the report stated.
The asset of Debub Global has increased by 68% to 5.5 billion birr ($176.6 million) during the budget year concluded June 30, 2019 from 3.3 billion birr (about $106 million) the previous year.
The annual report distributed to shareholders shows that the outstanding balance of loans and advances accounts for 44% of the total asset structure, while the central bank (National Bank of Ethiopia – NBE) bill is 20% of the total, according to the report.
“The total outstanding balance of the Bank’s NBE bills has reached 1.1 billion birr (about $35.3 million) from the previous standing of 686 million birr (about $22 million). The 40.95% liquid asset to current liability indicates that Debub Global Bank has been better in converting the cash from various sources into return, and thus resilient enough to meet its obligations,” the report stated.
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