An Ethiopian bank says letters of credit (L/Cs) and remittances have contributed substantially to increased annual profits in the 2009/10 financial year.

United Bank recently announced a gross profit of 283.5 birr (BR283.5), up more than one-third on last year's results.

Soaring profits

"Most of the bank's profit came from its international banking services including L/Cs and remittances," United Bank's president, Berhanu Getaneh, told the bank's annual general meeting.

The bank's gross profit soared by 39.2 per cent in the year ending 7 July 2010, up BR79.8 million over last year's BR203.7 million.

Network

United Bank has 43 branches throughout Ethiopia, with 26 of them in Addis Ababa.

The bank was established in 1998 with BR100 million in subscribed capital and has raised its paid up capital to BR400 million.

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