Debub Global Bank profit up 33 percent

Debub Global Bank profit up 33 percent


Annual Profit of Debub Global Bank of Ethiopia for the budget year concluded June 30, 2020 has increased by 33 percent from the previous year to 376 million Birr before tax.

This is indicated by Chairman of board of directors of the Bank, Nuredin Awol, at the annual shareholders meeting this morning held at Ghion Hotel in the capital Addis Ababa. He indicated that the bank has secured total after tax profit of 292 million Birr. Earnings per share of Debub has also increased to 34.7 percent from 32.3 percent the previous year.

By June 30, 2020, the paid-up capital of the Bank has also jumped to 986 million Birr showing an increase of 36.6 percent from the previous year.
He also stated that the total revenue of Debub Global Bank at the end of June 30, 2020 has rocketed to 1.1 billion Birr, which is an increase of 414 million Birr (60 percent) compared to the previous year. During the year Debub Global Bank has mobilized a total saving of 5.29 Billion Birr, which is 50 percent more than the previous year.

“Because the Bank has managed to deliver customers’ focused services, it has got public trust and acceptance, which has resulted in outstanding performances in mobilization of savings, hard currency earnings, and loan disbursement,” said Mr. Nuredin.

Compared to the previous year, loan disbursement of the Bank has also grew by 83 percent to 4.5 billion Birr. About 39 percent of the loan was extended to exporters and about 29 percent to those in domestic engaged trading businesses. Of the total loan portfolio of the Bank construction and manufacturing represent to some 14 percent and 6.7 percent respectively, while 12 percent of the loan was allocated to various other businesses.

Mr. Nuredin also stated that Debub Global Bank has registered the lowest non-performing loan of 0.44 percent. Debub has also generated a total of $126.6 million hard currency to the country, which is 8 percent more than the previous year. Of the total hard currency, 86.5 percent was generated by exporters, while the remaining came from remittances.

Commencing its operation on August 28, 2012, Debub Global Bank share company is one of the 16 privately owned banks in Ethiopia. Debub Global Bank was established with subscribed capital of Birr 266.9 Million and with a paid up capital of Birr 138.9 million.