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[Aug 2017] United Bank S.C Profit Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

United Bank Profits 339 million birr for 2016 fiscal year

United Bank SC Ethiopia LogoUnited Bank S.C. has shown a profit of 339 million Br this year, 20pc higher than last fiscal year.

The bank’s growth rate is higher than the average rate of growth of medium banks, a category that includes Nib Bank, Bank of Abyssinia, Wegagen Bank and United itself.

The bank’s earning per 1,000 share also bounced to 324 Br, unlike the trend observed in

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United Bank Profits 281 Million Br for 2014 / 2015 Fiscal Year

United Bank’s profit after tax has almost remained the same with one per cent increase to 281 million Br, while its earnings per share (EPS), slid down from 34.1 Br to 29.8 Br for each share of 100 Br for the 2014/15 fiscal year; EPS has declined by 43.5pc since 2011.

“The Bank attributes this decline to massive expansion of capital, but the management should find a strategy to stop such spiral of decline of shareholders’ returns,” advised Abdulmena Mohammed Hamza, accounts manager at Portobello Group Ltd., a London based holding

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Ethiopian Banks Profit Increases

The last fiscal year had been one of growth and expansion for Ethiopia’s banking sector, though still dominated by the state owned Commercial Bank of Ethiopia (CBE) and although most of the private banks still face the challenge of meeting a paid-up capital minimum of 500 million Br by 2016, according to a decree by the central bank.

In the fiscal year that ended on June 30, 2014, the total number of bank branches in the country reached 2,208; of these 1,205 are private bank branches. Of the new 480 branches opened during the year,

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