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.