Debub Global Bank S.C., one of the late entrants to the banking industry in Ethiopia, registered a 52 million Birr profit in the last fiscal year. The performance is a threefold compared to 2014/2015 fiscal year.

The bank did not register profit in the first year of operation. However, in the next 2 years the bank made profits. Debub has witnessed its income and foreign exchange dealings increasing significantly in the recent years.
Earnings per share has also increased by 143 percent and reached 223 Birr.

Debub’s president, Addisu Habba, explained the bank focused on 2 important matters to move the bank forward; efficiency in responding to operational shortcomings and developing a long term strategic plan - to stay competitive in an ever changing banking industry.

In the past fiscal year, Debub also managed to increase its paid up capital to 177.2 million Birr from 127 million Birr. Nevertheless, this is 323 million Birr short of the minimum requirement the National Bank of Ethiopia has set for banks.

Source: Fortune