Sunday, June 23, 2024
BusinessUnited increases net profit by 47.6 percent

United increases net profit by 47.6 percent

United Bank SC bagged a net profit of 573.6 million birr; an increase of 47.61 percent compared to last year’s, as of June 30, 2018.

Moreover, United’s basic and diluted earnings per share (EPS) of 100 birr par value increased from 24.95 to 35.39 birr. As of the ended of the reporting year, United has managed to reverse its EPS which was in a downward trend since 2011.

The increase in its EPS, unlike previous times was not affected by the expansion of United’s capital base, where its paid-up capital surged by 14.3 percent to 1.78 billion birr.

Additionally, looking at its balance sheet, United has managed to expand its total assets from 22 billion birr to 28 billion birr. Whereas with deposit generations, the Bank mobilized a total of 19.76 billion birr, a 19 percent increase from the preceding year.

In terms of loans and advances, the Bank’s disbursement grew to 14.9 billion birr from last year’s 12 billion birr. Yet, it has generated a total income of 2.89 billion birr as of 30 June, 2018. The figures exceeded last year’s by 44.45 percent.

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Looking at the total income of the Bank, net gain from foreign exchange dealings also showed a marginal increment from 104 million birr to 105 million birr.

Contrary to the total income, the total expense of the Bank reached 2.18 billion birr; a 45 percent rise from the previous year. In this regard, from the total expense, interest expense took the lion’s share which stood at one billion birr while the rest came from things like operating expenses.

As far as expanding its outreach, the bank with the opening of 22 new branches has managed to increase its branches to 229 as of June 30, 2018.

Established 19 years ago, the total capital of United has now reached 2.95 billion birr.

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