Wegagen Earns Birr 452.5 Million Gross Profit

Wegagen Bank announced that it earned a gross profit of Birr 452.5 million in the 2014/15 Fiscal Year ended June 30, 2015.

The Bank announced this achievement in the audited annual report unveiled at the 22nd Ordinary Shareholders’ Meeting held at Hilton Addis Ababa on November 5, 2015.

Bank President/CEO Ato Araya G/Egziabher said on the occasion that the Bank earned a net profit of Birr 352.4 million in 2014/15 Fiscal Year after paying a profit tax of over 100 million. The net profit showed an increase of 11 percent as compared to 2013/14 Fiscal Year, the President said.

The Bank’s paid up capital which was 1.3 billion in the previous Fiscal Year, grew to Birr 1.5 billion in 2014/15 and the total capital including reserves reached Birr 2.4 billion. In addition, the Bank’s total asset rose to Birr 13.7 billion from Birr 11.5 billion in the previous Fiscal Year. In a similar trend, the total deposit mobilized reached Birr 10.2 billion while the total loans and advances increased to Birr 6 billion. The number of shareholders is now 2,280.On the other hand, the number of employees stood at 2,948 on June 30, 2015.

Meanwhile, the number of shareholders is now 2,280. The President/CEO also said that 61 percent of the construction work of the 23-story Headquarters ultra modern complex is now completed and expected to be finalized by November 2016.

The Bank has recently launched a full- fledged interest free banking service. On top of branch based services, Wegagen Bank offers E-Banking services such as card payment-ATM and Point of Sale (POS), Internet and mobile banking.

It provides payment card service to holders of its Agar and Visa International Cards through 97 ATMs and 112 Point of Sale (POS) terminals deployed at selected market places and at sales points such as supermarkets, restaurants, hotels and travel & tour agencies located in Addis Ababa and regional towns.

Wegagen is the only private Bank working with 22 international money transfer companies which include, among others, Dahabshiil, KAAH Express, Western Union, Amal Express, Money Gram, Xpress Money and Money Express.

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