Wegagen Bank reported a 449.6 million birr profit before tax in the 2012/13 fiscal year, Capital reported.The bank's net profit after tax stood at 340 million birr, a 1.3 percent growth over the previous fiscal year.

According to the bank’s statement released at its general assembly meeting on November 5, the total deposit mobilization has reached 7.5 billion birr, and total assets of the bank stood at 10.3 billion birr.

According to the report, loan and advances dispersed during the 2012/13 fiscal year reached to 4.5 billion birr. In the previous year the bank dispersed 3.4 billion birr in loans and advances.

Wegagen Bank was established in 1997 resisted a paid up capital of over one billion birr and the total capital, including reserves, has reached 1.8 billion birr.

The bank currently have 82 branches throughout the country, in addition to 113 point of sale (POS) terminals and 61 ATM networks.

Source: Capital