Debub Global Bank (DGB) has increased its profit by over 250 percent, while the loan disbursement has more than doubled at the end of the past fiscal year.
The increase of deposit mobilization, growth of paid up capital, both strengthened the financial book of the bank and contributed to expanding its distributed loan which caused the bank to skyrocket its revenue for the 2017/18 fiscal year.
According to the audited report presented at the general assembly a week ago DGB earned a gross profit before tax of 142 million birr. A year ago the gross profit before tax was 40 million birr, which indicated that the latest year’s performance registered significant improvement.
DGB’s profit after tax stood at 107 million birr from 30 million birr a year ago. The earning per share improved as well although not as much as their other activity. The earnings per share stood at 131 birr , which was 103 birr per 1,000 birr share a year ago.
For the year the bank loan disbursement reached 1.6 billion birr which is an increase of 101 percent. The paid up capital of Debub, which is one of the late comers to the financial industry, reached 682 million birr. The paid up capital has registered significant growth as it was only 385 million birr a year ago. The share capital has registered the lion’s share of the growth of
paid capital. In the 2017/18 financial year the share capital has reached 579.7 million birr from 351 million birr a year ago.
The total revenue for the year stood at 420 million birr which is an increase o f91 percent. For the year the bank’s total operating income has reached 340 million birr, which was 180 million birr two years ago.
The audited report indicated that the net operating income has stood at 330 million birr increased from 171 million birr during the 2016/17 fiscal year.
Deposit mobilization has grown by half. The report indicated that the deposited amount stood at 2.15 billion birr in the 2017/18 fiscal year, while the number of depositors has also went up by 50 percent to 91 thousand.
The total assets of the bank has increased by 58 percent. According to the report, the bank total assets reached close to 3.3 billion birr, which was 2.06 billion birr at the end of 2016/17 financial year.
Foreign currency channeled via Debub reached USD 45.4 million, which is a significant growth of 71 percent. As of June 30, 2018 the number of branches reached 40. (Capital Ethiopia)