United Bank S.C. reported 282 million birr profit after tax for the fiscal year that ended on June 30, 2013, Fortune reported.

The bank's profit is down by 5.3 percent compared to a year earlier. Its earnings per share has slipped to 47.7 birr from 53 birr.

United’s interest on loans, advances, National Bank of Ethiopia (NBE) five-year bonds and other short-term investments has gone up by 16 percent to 602 million birr. The bank earned interest of 581 million birr on loan and advances and 16.7 million birr on NBE bonds. However, gains on foreign exchange dealings, commissions, service charges and other income has dropped by 2.7 percent to 304.5 million birr, according to Fortune.

“The dwindling demand for Ethiopia’s major export item of coffee has drastically affected our performance in that area,” said Taye Dibekulu, United's new president during the release of the bank's annual audited report on November 7, 2013. “The exacerbating foreign currency shortage has also been a factor.”

United deposit mobilization has surged to 19 percent during the reported period. The bank's total outstanding balance of loans also showed an increase of 15.3 percent.

United Bank's capital has reached 600 million birr, fulfilling the National Bank of Ethiopia's 500 million birr capitalization requirement with a deadline set for 2016.

Source: Fortune