Wegagen Bank announced a gross profit of 458.1 million birr for the last Ethiopian fiscal year. The gross was reported at the
shareholders meeting held at the Hilton Hotel on the 5th of November.
The Bank paid 134.8% birr in profit tax, while registering 323.2 million in net profit said Araya Gebre Egizabher, President of Wegagen. The net profit earned this year is a new high for the bank according to Araya.
Wegagen’s profit exhibited a 44.7% increase from the 223.3 million birr it earned the previous fiscal year.
The total asset of the bank increased to 8.1 billion birr and it advanced 2.9 billion in loans. Wegagen also dealt with 5.96 billion birr in deposit in its 54 branches according to the annual report.The paid up capital of the bank has grown 779.3 % million birr from the 30 million it had at establishment achieving the number one spot amongst private banks. The number of shareholders at Wegagen has increased to 2,121 from the original 16 said the report.
Wegagen was able to record impressive results in the face of external pressures according to Araya. The Bank has began construction on a 22 storey headquarter building he noted.
Source: The Reporter
