Debub Global Bank S.C. held 4th General Annual Shareholders’ meeting on December 17, 2016 at Millennium Hall under the Chairmanship of Ato Nuredin Awol, other Board of Directors and Ato Addisu Habba, President of the Bank. A large number of shareholders attended the meeting to discuss the present and future of the Bank.
Speaking on the occasion, Ato Nuredin Awol deliberated upon Balance Sheet, profit and Loss Account, Directors’ Report for the year ended June 30, 2016. He had told that the Bank had maintained strong underlying performance in all parameters and registered better results since the commencement of operation four years ago.
The Chairman also told that, in its 4th year operation, the total assets of the Bank reached Birr 1.3 billion with a growth of 13 percent compared with the preceding year performance, where total deposit increased by 6.4 percent, while loans and advances increased by 76.8 percent. The paid-up capital in the period was Birr 262.0 million, up by 32.3 percent.
Gross profit shown a two-fold growth and reached Birr 68.0 million, where earning per share was Birr 222.83 from Birr 91.66 of last year. The Bank has network of 28 branches and has opened 36,615 accounts. The Bank has also shown very good progress following the implementation of the Core Banking Services (CBS) by introducing different digital banking services.
The Board of Directors and the President of the Bank responded to the quires of shareholders. During the meeting shareholders approved capitalization of dividend and agreed to buy additional shares from the Bank to raise the Bank’s minimum capital requirements set by regulatory body. Furthermore, shareholders have elected Board Nomination Committee who undertakes Board member’s election processes.
Finally, the financial results along with Directors’ Report and Auditors’ Report were adopted by the shareholders.