Wegagen Bank reported a pre-tax profit of Birr 4.3 billion for the 2025/26 fiscal year, supported by growth in income, deposits, lending and digital banking activity.
The bank disclosed the results in its audited annual report presented at the 33rd Ordinary and 16th Extraordinary Shareholders’ General Assembly held at the Hilton Addis Ababa on September 19.
Total income reached Birr 16.4 billion during the fiscal year, representing a 21% year-on-year increase. The bank’s total assets also expanded significantly, rising 32% to Birr 111.3 billion as of June 30, 2026, from Birr 84.3 billion a year earlier.
Presenting the Board of Directors’ report, Board Chairperson Abdishu Hussein said the bank continued to strengthen its balance sheet and capital position while implementing business and technology initiatives aimed at improving its competitiveness.
Deposits increased 23% to Birr 81.3 billion, compared with Birr 66.2 billion in the previous fiscal year, reflecting continued growth in resource mobilization. Gross loans and advances also rose 26% to Birr 67.3 billion.
The bank generated USD 366 million in foreign currency during the year, a 34% increase compared with the previous fiscal period.
Wegagen also continued to expand its digital financial services, particularly through its Efoyta digital lending platform. According to the bank, the platform disbursed more than Birr 9 billion in financing to 430,890 borrowers, with women, youth and micro, small and medium sized enterprises accounting for a significant share of beneficiaries.
The bank’s paid-up capital increased from Birr 7 billion to Birr 10.1 billion by the end of June, while total capital reached Birr 17.3 billion. Its shareholder base also grew to 15,598.
Wegagen said its customer base exceeded five million during the year, including more than four million mobile banking subscribers. The bank also reported 537,651 cardholders, 664,347 E-float accounts and 41,494 internet banking users.
Chief Executive Officer Aklilu Wubet (PhD) said the bank’s priorities go beyond annual financial performance and include building the capabilities needed to compete in an increasingly technology driven financial sector.
He said Wegagen’s newly developed five-year strategy is intended to make the bank more customer-focused, digitally enabled and operationally efficient, supported by further investment in technology, human capital, partnerships and risk-management capabilities.
As of June 30, 2026, Wegagen operated 458 branches across Ethiopia, providing conventional and interest free banking services. Its wider service network also included 398 ATMs, 651 point of sale terminals and 7,445 agents.
The bank said it will continue to focus on improving customer experience, strengthening shareholder value, expanding sustainable business opportunities and maintaining sound governance and risk-management practices.
Source (including image): A press release sent from Wegagen Bank to 2Merkato
