United Bank SC joined the list of banks, who have announced their profits, with a gross profit of 283.5 million Br before taxes.

"Most of the bank's profit came from its international banking services including letters of credit (LC) and remittances," Berhanu Getaneh, president of the bank, told Fortune.

The bank's gross profit, which does not consider general and administrative expenses, directors' and auditors' fees, as well as taxation, showed a 39.2pc increase when compared to last year's 203.7 million Br.

United also mobilised close to one billion Birr in deposits through its 43 branches located around the country, 26 of which are found in Addis Abeba.

The bank's move to limit the opening of new branches in the past year contributed to the bank's profits by reducing its costs, according to Berhanu. The bank's income also increased from 344.9 million Br to 510.7 million Br.

Although the bank finalised its performance audit report and submitted it to the National Bank of Ethiopia (NBE), it is yet to hold a general assembly meeting to present its report to its shareholders. The bank expects to announce the dividend amount to be distributed to its 2,500 shareholders.

Currently, the bank is preparing to construct a head office at a project cost of 300 million Br on a plot it requested from the Addis Abeba City Administration.

Although the bank was unwilling to say where the plot is located, saying it is still under process, sources told Fortune that the plot is located around Senga Terra, which the city considers as part of the business district. Currently, Lideta District has done a detailed study of the area and has submitted its findings to the city administration along with the bank's request.

The bank, which installed centralised online, real-time, electronic (CORE) banking solutions four years ago with Oracle's i-flex software connecting its 43 branches, also has plans to provide uninterrupted 24-hour service, according to the bank's president. Currently, the bank provides Internet banking, short message service (SMS) banking and telephone banking.

United Bank was established in 1998 with 100 million Br in subscribed capital and has raised its paid up capital to 400 million Br.