United Conducted its 16th Annual Meeting of Shareholders
The 16th Annual Meeting of Shareholders of United Bank S.C. was conducted at the Hilton Addis Abeba on November 13, 2014.
The meeting was opened with a key-note address from the Board chairman of the Board of Directors of United Bank, Ato Fasil Asnake. In his address Ato Fasil pinpointed despite facing up to challenges, underpinned by a notable downside in the country’s export performance and a stringent liquidity problems faced by local commercial banks, the financial year of 2013/14 has been a year of significant progress for United Bank.
Speaking of the Bank’s performance he stated, United during the course of the year, continued to build the vigor in instituting the foundation of convenient banking experience to its customers; carving out alternative avenues and persisting on capitalizing on innovative banking products and services that aims at building a stable and consistent long term financial performance.
According to him the Bank during the period has earned a total income of Br. 1.04 billion while registering a gross profit of Br. 361 million that showed a slight decline of 3.5 percent. The decline was said to be attributed mainly to soaring cost of funds and office rents. Meanwhile, it was stated the Bank during the period has delivered a strong performance in key operational areas including deposits and loans.
In his address Ato Fasil also highlighted on developments with relation to new product launching that took place during the course of the year including the commencement of Interest Free Banking and the unique Fund Transfer through the Bank’s ATMs.
The meeting that followed the key-note address dwelt on a number of issues pursuant to the Bank’s financial and operational performance during FY 2013/14 and reached its conclusion with a unanimous vote in favor of the motions presented for discussion including the declaration of a pro rata dividend of 31% for shareholders on fully paid shares for the year ended June 30, 2014.