Wegagen Bank declared that it earned a gross profit of Birr 708.1 million in the 2016/17 Fiscal Year ended June 30, 2017.
The Bank has officially announced this achievement in the audited annual report presented at the 24th Ordinary Shareholders’ meeting held at Hilton Addis Ababa on November 16, 2017.
Bank President Araya G/Egziabher on the occasion said that the Bank earned a net profit of Birr 532.1 million in 2016/17 Fiscal Year after paying a profit tax of over 175.9 million.
The Bank’s paid up capital which was 1.7 billion at the end of 2015/16 Fiscal Year, grew to Birr 2.1 billion in 2016/17 and the total capital including reserves reached Birr 3.4 billion. In addition, the Bank’s total asset rose to Birr 20.9 billion from Birr 16.1 billion at the end of 2015/16. In a similar trend, the total deposit mobilized reached Birr 15.6 billion while the total loans and advances increased to Birr 10.2 billion. The number of shareholders is now 3,192, while the number of employees stood at 4,148 as at April 30, 2018.