Monthly Archives: March 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.

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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.

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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.

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