Despite a huge decline in foreign exchange gains, United Bank registered a 41pc growth in profit, netting 770.2 million Br in the last fiscal year.

The Bank's earnings per share (EPS) also increased by 3.8Br to 39.2Br, marking the highest increase in six years.

Even though the Bank registered a growth from the previous years, it did not perform better than other banks that had even been established later than United, according to Zafu Eyessuswork Zafu, the chairperson of the board of directors of United Bank.

The Bank registered a modest increase in commissions and service charges by a margin of seven percent to 498.8 million Br. The Bank's revenues from interest on loans, advances and investment in the National Bank of Ethiopia (NBE) bond shot up by 39pc to 3.2 billion Br.

This massive increase in revenues largely contributed to good profit performance, according to Abdulmenan Mohammed, a financial statement analyst with close to two decades of experience.

However, United's foreign exchange gains plummeted by 84pc to 17.4 million Br.

Taye Dibekulu, the outgoing president of United, attributed the decline to the huge fall in foreign exchange earnings of the country, which is mainly related to the decline in export trade and the reduction in the inflow of remittances coupled with NBE foreign exchange regulations.

Increased income comes in unison with a considerable expansion in expenses. Interest expenses shot up by 43pc to 1.5 billion Br due to a massive increase in deposits. General administration expenses have also spiked to 479.9 million Br, registering a 36pc increase. Salaries and benefits went up to 848.7 million Br.

United’s reversal of 77.3 million Br net for the provision of doubtful loans, advances and other assets accounted for eight percent of the profit after tax.

Its total assets increased by 27pc to 35.7 billion Br, with the Bank’s disbursed loans and advances reaching 21.6 billion Br with a 45pc increase in the last fiscal year.

“The growth in loans and advances is impressive,” Abdulmenan commented. “United achieved a level that has not been achieved by banks that have released their annual reports so far.”

The 26pc increase in the total deposits mobilised by the Bank to 29.1 billion Br pushed the loan-to-deposit ratio up to 74.3pc from 64.4pc.