Debub Global Bank S.C. has increased its profit by three fold to 52 million Br.
The bank has been experiencing a positive profit turnaround the past two years after it made a loss in its first year of operation.
In recent years, the four-year-old company has seen its income and foreign exchange dealings go up significantly.
Its earning per share has increased by 143pc to 223 Br.
According to Addisu Habba, the president of Debub, the bank has focused on two important components to move the bank forward. This included being efficient in response to the operational shortcomings of the company and developing a long term strategic plan, to stay competitive in an ever changing banking environment.
The bank also increased its paid up capital to 177.2 million Br from 127 million Br a year ago. This is 323 million Br short of the minimum requirement put on the bank in the current fiscal year.
Debub is one of the late comers amongst Ethiopia’s 16 private banks.
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