United Bank SC delivered a strong performance underpinned by a remarkable progress made in both retail deposits and loans during FY2015/16. This was disclosed, during the 18th Annual General Meeting of Shareholders of the Bank held at the Addis Abeba Hilton Hotel on November 17, 2016.

Speaking on the occasion, Ato Zafu Eyessuswork Zafu, Chairman of the Board of Directors of the  Bank noted, during the budget year despite facing a less-than-ideal trading environment, the Bank has managed to stay focused on deepening its service reach by broadening its access and intensifying its drive to mobilize deposits and prudently expand credits.

According to him during the budget year, assisted by more technology-supported financial products and channels as well as a fast growing branch network, United Bank SC had managed to raise its total deposits from 11.7 billion the previous year to 13.6 billion as at 30 June 2016 exhibiting an impressive year-on-year increase of 16.2%. The total outstanding balance of loans and advances extended to customers in the period also reflected an increase of 24.41% compared with the previous year to reach Birr 8.53 billion. Likewise, the Bank’s branches increased significantly to reach 161 by the close of the financial year.

Meanwhile, he noted the Bank’s total revenue had grown by 25% in the period relative to the previous year, while the Bank’s gross operating profit before tax but after provisions had risen to Birr 428.54 million as against the performance registered at Birr 358.2 million last year.

On the other hand Ato Zafu Eyessuswork noted, in a gesture that depicted a concrete expression of confidence by the Bank’s shareholders 90% of the additional 10 million shares(representing Birr 1 billion) offered for subscription at the Bank’s 17th Annual General Meeting of Shareholders have been fully subscribed.

Ato Zafu also mentioned in the period, cognizant of the challenges encountered with regard to the ever increasing hard currency shortages, the Bank commenced working partnerships with two multinational financial service corporations: Visa Inc. and China Union Pay. Meanwhile, it was reported the construction of the Bank’s Head Quarters has been going well under way with the completion of shoring, basement soil excavation and foundation piles in the period, taken care of by the construction giant - China Jiangsu International Group.

The meeting dwelt on other major pertinent issues regarding the overall performance of the Bank during the period, dealt on the way forward and reached its conclusion with a unanimous agreement on the issues raised on the meeting including a declaration of a pro rata dividend of 25% on fully paid shares for shareholders. 

About United Bank S.C.

United Bank is a share company that stands among the few prominent private Banks in Ethiopia, operating all over the country for over 18 years, 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 and  the total paid up capital of the Bank as at 30 June 2016 had been Birr17.3 billion and Birr 1.25 billion, respectively. The total number of the Bank’s shareholders is currently 2,998.

United Bank has created jobs for many Ethiopians in the past eighteen years, supporting more than 3,200 jobs in fiscal year 2015/16 alone.