Category Archives: News

News

Wegagen Bank Gross Profit Hits a Billion Birr Mark

Featured

 Addis Ababa, November 15, 2018- Wegagen Bank announced a gross profit of Birr 1 billion 50 million in the 2017/18 Fiscal Year ended June 30, 2018, showing a 49% increase over the previous year’s profit of 705 million. The Bank’s profit has seen a continuously rising trend over the past three years. The significant increase in the profit is attributed largely to the significant increase in the total income, which stood at 2.34 billion, a 39.6% increase over the previous fiscal year. This development puts Wegagen in the category of the few private Banks that managed to gross a billion birr profit.

The Bank has officially announced its achievements in the audited annual report presented at the 25th Ordinary and 13th Extraordinary Shareholders’ Meeting held at Hilton Addis Ababa on November 15, 2018.

CEO of the Bank Araya G/Egziabher remarked that the Bank registered a commendable growth in all aspects of operation highlighting key achievements of the Bank in the fiscal year ended on June 30, 2018. He indicated that the Bank’s paid up capital grew 11% to reach Birr 2.3 billion in 2017/18  from 2.1 billion at the end of  2016/17  Fiscal Year, . The total capital including reserves also increased by 19% to reach Birr 3.8 billion. According to the CEO, the Bank’s total asset rose to Birr 27.3 billion at the end of 2017/18 showing a 33% increase from Birr 20.9 billion last Fiscal Year. Similarly, the total deposit mobilized increased by 31% to reach Birr 20.5 billion in 2017/18 from Birr 15.6 billion in 2016/17. Similarly, the Bank’s total loans and advances grew to over Birr 15.1 billion from Birr 10.2 billion in 2016/17. The number of shareholders is also reached 3,199 while the number of employees increased to 4,451 in 2017/18 Fiscal Year from 3,856 last year. The Bank opened 64 new branches across the country expanding its network of branches to 277 at June 30. 2018.

The CEO also indicated that the Bank has carried out several projects aimed at modernizing its infrastructure in a bid to provide better services to its customers. The most notable of such projects carried out in the 2017/18 Fiscal Year was the replacement of  its core banking system with Oracle Flex Cube which has significantly transformed its operational performance and customer service delivery to the highest level of efficiency. It is also undertaking a project to build a new state of the art data center in its newly inaugurated Headquarters building on Ras Mekonnen Street. Wegagen’s new IT infrastructure has enabled it to provide innovative & value adding financial services, including the newly introduced air travel payment services in collaboration with Ethiopian Airlines.

Wegagen Bank, as part its corporate social responsibility, has extended its support, in the amount of Birr 23 million, to the effort in the rehabilitation of people internally displaced due to conflicts in various parts of the country. It also donated Birr 2 million to support the fight against engulfment of Lake Tana with Water Hyacinth weed also known as “Emboch Arem.”

Wegagen Bank provides electronic banking services through its extensive network of ATMs and Point of Sale (POS) terminals as well as through its internet and mobile banking platforms in addition to the regular banking services through its ever-growing network of branches that reached 312. In an effort to boost accessibility of financial services to the unbanked segment of our population, Wegagen has introduced Agency banking service, deploying hundreds of Agents in the neediest part of the country including Gambella in partnership with Bellcash Technologies.

ECX Recognized Wegagen Bank for Top Performance

ECX Recognized Wegagen Bank for Top Performance

August 2, 2018: Addis Ababa;

Wegagen Bank has received a trophy and certificate from ECX (Ethiopian Commodity Exchange) for standing third in clearing the largest amount of settlements among all clearing banks during the course of the past ten years.

Wegagen has earned the award and the certificate of recognition on the occasion of the 10th Anniversary of ECX for its outstanding contribution in building modern trading system and clearing over Birr 23 billion since joining the platform as a clearing Bank. Wegagen Bank’s Accounts and Reconciliation Director, Kindie Abebe, received the award on behalf of the Bank on July 28, 2018.

We would like to extend our utmost gratitude to our esteemed customers for choosing to work with us and congratulate the entire Wegagen family, the Board of Directors, Executive Management and employees, for this outstanding achievement.

Wegagen Donates Birr 25 Million for Displaced People

August 1, 2018

Wegagen Bank donated Birr 23 million in the 2017/18 fiscal year to various regional governments to support their effort in the rehabilitation of internally displaced people. In a similar development, the Bank granted Birr two million to strengthen the effort to control and eradicate the American Army weed or locally known as “Emboch” which has infested the Lake Tana threatening the livelihood of thousands of farmers.

The Donations were made to support the efforts being exerted to rehabilitate internally displaced people following communal conflicts mainly in Oromia and Ethio-Somali regions and SNNP and Oromia regions. The donations cheques have been handed over to corresponding authorities in Oromia, Ethio-Somali and SNNP regions in various events in the presence of high ranking regional government officials and the Bank’s executives.

Over the past 21 years, the Bank has been responsive to the calls of the government of Ethiopia and regional governments during the times of natural and man made disasters extending its support morally and financially. As part of discharging its corporate social responsibility the Bank allocates budget regularly to address various social and environmental challenges faced by various communities.

Wegagen Bank Introduces a new Core Banking System

Wegagen Bank Introduces a new Core Banking System

Wegagen Bank has introduced a new core banking system called Oracle Flex Cube which is aimed at significantly transforming its operational performance and customer service delivery to the highest level of efficiency.

This core banking system has been successfully implemented in all the 285 Branches and forex bureaus of the Bank since January 1, 2018. In an event organized to celebrate the successful implementation of the core banking system on January 16, 2018 Bank President Ato Araya G/Egziabher said that the new Core Banking system would bring about a dramatic improvement in the operational performance and service delivery efficiency of the Bank. He also called on all districts to utilize the full capacity of the technology and raise the performance and standard of service delivery in the Bank.

Wegagen Bank’s CIO and Project Leader Ato Alexander G/Egziabher said that the new Oracle Core Banking System project was completed within the schedule and budget which is quite a remarkable accomplishment in the Banking industry in the country so far, given the scope and the complex nature of the project.

He said that the data migration from the previous Core Banking to the latest version of 12.1 Oracle Flex Cube Core Banking System was conducted in 260 Branches and forex bureaus in a space of two days with unmatched effectiveness that has not also been experienced in the industry so far. The CIO lauded the extraordinary commitment of the project team members who were working late hours including on Sundays and holidays to finalize the project timely.

At every milestone of the project, the Bank has given recognition to the tireless effort of the team members which made the project a success. The project has involved around 50 full time and 30 on call basis Bank staff drawn from the IT and Operational units of the Bank.

Wegagen Awards Prominent Customers

Wegagen Bank awards important customers engaged in export business, International money transfer service and partners contributed to foreign currency earning through swift.

During the Bank’s annual Forex Day held at Capital Hotel and Spa on November 2, 2017 Board Chairman Teferi Zewdu said that the Bank has earned 425.5 million USD in the last fiscal year ended on June 30,2017.

 

The foreign currency earning of the Bank showed 60.3 percent increase from that of 2015/16 fiscal year amounting to 160 million USD, the Chairman said.

The Board Chairman expressed the Bank’s readiness to give a better service to customers and partners engaged in foreign currency generation with a view to increasing foreign currency inflow to the country.

 

On the occasion Ato Teferi and CEO Ato Araya Gebre Egziabher handed over accolades and certificates of recognition to prominent customers who generated large amount of foreign currency in the last fiscal year ended on June 30, 2017.

Wegagen Grosses Birr 708.1 Million Profit

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.

Wegagen Bank grosses 478.5 million birr

During their general assembly meeting on Thursday November 10 at Hilton Hotel the Wegagen bank announced that its profits increased by 26 million birr. During the 2015/16 fiscal year Wegagen took in a gross profit of 478.5 million birr before tax. That comes to 375.6 million birr after tax. The bank has legal reserves of 94 million birr. The annual report of Wegagen indicated that earnings per share went down slightly last year.

According to the report, the earning per share was 222 birr for a 1,000 birr share. Previously earnings per share stood at 244 birr.Wegagen stated that the company’s assets grew significantly. The report shows total assets of the bank climbed to 16 billion birr form 13.7 billion.

According to the report deposits went up by 1.2 billion birr, to 11 billion birr, in total.The bank had 7.6 billion birr in loans under litigation an increase from the 6.2 billion birr in the 2014/15 fiscal year. Imports accessed 1.44 billion birr in loans with exports accessing 1.42 billion birr.

Read More …

Wegagen Bank inaugurates $34.5 mln built headquarters

Addis Ababa, September 30, 2017 (FBC) – President Mulatu Teshome today inaugurated a 23-storey building built by Wegagen Bank S.C at a cost of over 805 million birr (approximately $34.5 million at current exchange rate).

After inaugurating the building rested on 1,800 square meters of land, the President said Ethiopian private banks, including Wegagen, have been contributing a lot for the economic growth of the country by serving as a source of finance for investors and businesses.

The President urged Wegagen Bank to strengthen its role of becoming an additional source of capital for investors engaged in socio-economic development sectors.

Teferi Zewdu, Chairperson of the Bank’s Board of Directors, said the new building, with a height of 107 meters, will help the bank achieve its vision of becoming one of the top ten banks in Africa by 2025.

Established in 1997, Wegagen Bank has a network of 211 branches of which 83 are in Addis Ababa and the remaining 128 are located in regional cities and towns of the country.

Read More …

Wegagen Bank sees huge profits, share value increase

Wegagen Bank, one of the four most profitable private banks, has registered massive achievements in the past financial year in all features of banking activity.

The bank that conducted the general assembly on Thursday November 17 stated that it has registered a 43 percent higher profit for the 2016/17 financial year compared with 2015/16.

According to the audit report presented at the general assembly the bank has earned 708.1 million birr net profit before tax, which was 478 million birr a year ago.

The audit report indicated that the total net income of the bank after provision of doubtful debts increased almost half a billion birr. In the 2016/17 financial year Wegagen was able to earn over 1.6 billion birr, while was 1.14 billion birr in the 2015/16 financial year.

Wegagen’s net profit after tax has reached over half a billion birr and stood at 532 million birr. In the 2015/16 fiscal year the bank’s net profit after tax was 375.6 million birr.

The bank’s earnings per share also increased. The report stated that the earning per share of the bank has increased by 58 birr compared with the preceding year. A year ago a 1,000 birr share earned 222 birr, this has gone up to 280 birr this past fiscal year, which a notable growth since the earning per share in the financial industry had been declining.

The paid up capital as of the reported period, June 30, 2017, has increased to 2.1 billion birr from 1.7 billion birr a year ago.

Read More