Bunna Bank and Wegagen Bank have reported profitable performances in the 2022/23 fiscal year. Bunna Bank announced a profit before tax of Birr 1.35 billion, mobilized over Birr 36.59 billion in deposits, and approved Birr 8.92 billion in loans across various economic sectors.

Bunna's total assets increased to Birr 46.39 billion, and it expanded its branch network by opening 122 new branches, reaching a total of 465 branches. Additionally, the bank provided Birr 1.63 billion in interest-free banking services and extended Birr 41.8 million in corporate social responsibility programs.

Wegagen Bank reported a total income of Birr 7 billion, representing a 36% growth from the previous year. The bank achieved a record-high profit before tax of Birr 1.2 billion, marking a significant 109% growth compared to the previous year. The paid-up capital increased by 17% to Birr 4 billion, and the total capital grew to Birr 6.9 billion Birr, a 23% increase from the previous year. The total assets of the bank reached Birr 53.5 billion,showing a 24% increase, and total deposits amounted to Birr 42.8 billion, reflecting a 26% increment. The outstanding loans and advances reached Birr 39.9 billion, a 32% growth from the previous year.

Source: The Ethiopian Herald