2merkato

Wegagen Bank, Ethiopia announced that it has earned 458.3 million birr in gross profit in the past financial year. The bank earned 251.7 million birr after tax showing an estimated 126 thousand birr in profit as compared to the previous financial year and the Earning per Share distributed to shareholders was 70 birr lower than the year before falling from 448 birr to 378 birr.

The bank’s earnings in general were stagnant in comparison to the previous year when the bank’s net profit and legal reserve had shown a growth of 9.3 million birr.

The bank needs to develop its deposit mobilization with total deposits for the last fiscal year 305 million birr less than the 5.73 billion birr in the previous fiscal year according to industry experts.

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.

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. 

Wegagen Capital Investment Bank S.C. has officially launched operations, becoming Ethiopia’s first private investment bank under the country's new capital market framework.

The Western Union® Company (NYSE:WU), a leader in money transfer and global payment services, is hosting the first ever network convention for its Agents in Ethiopia to be held at the United Nations Economic Commission for Africa Conference Centeron Saturday, October 12, 2013.

The convention will see over 340 participants from across Ethiopia attending the event, from senior level to front desk officers, coming together to share Western Union operational and security best practices. Some of the major points to be highlighted include customer service excellence in Ethiopia, raising awareness on compliance related best practices and excellence across service areas. The convention will facilitate systems and process education for Western Union agents in Ethiopia. This in-turn will provide consumers with even more improved and efficient service.