Wegagen Makes Birr 478.5 Million Gross Profits

Addis Ababa, November 10, 2016– Wegagen Bank announced that it earned a gross profit of Birr 478.5 million in the 2015/16 Fiscal Year ended June 30, 2016.
The Bank announced this achievement in the audited annual report unveiled at the 23nd Ordinary Shareholders’ Meeting held at Hilton Addis Ababa on November 10, 2016.

Bank President/CEO Ato Araya G/Egziabher said on the occasion that the Bank earned a net profit of Birr 375.6 million in 2015/16 Fiscal Year after paying a profit tax of Birr 102.9 million. The net profit showed a growth of 6.6 percent as compared to 2014/15 Fiscal Year, and a 92% achievement of plan target, the President said.

The Bank’s paid up capital which was 1.5 billion in the last Fiscal Year, rose to Birr 1.8 billion in 2015/16 and the total capital including reserves reached Birr 2.8 billion. In addition, the Bank’s total asset grew to Birr 16.2 billion from Birr 13.7 billion in the previous Fiscal Year. In a similar trend, the total deposit mobilized reached Birr 11.8 billion while the total loans and advances excluding loans to priority sectors (NBE Bills) increased to Birr 7.6 billion. The number of shareholders is now 2,456. On the other hand, the number of employees stood at 3,385 on June 30, 2016.
The President/CEO also said that 75 percent of the construction work of the 23-story Headquarters ultra-modern complex building is now completed and the final finishing works are well underway. The fact that the building is a “Smart” consisting of advanced building management systems in the management of utility, security and communication aspects makes it unique.

In order to realize its Vision of becoming one of the most reputable and competent Banks in Africa by the year 2025, it is aggressively working to achieve high level of customer centric operational excellence, human capital development and accessibility of its services as well as enhance information technology capabilities.
On top of branch based interest bearing and interest free Banking 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 Visa Card, Visa International and Master Cards through 150 ATMs and 250 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.

Over the fiscal year, the Bank has been intensively engaged in various capacity building projects such as developing and implementing integrated performance management system, rebranding and aggressive branch expansion covering all regions of the country.

Wegagen Bank has recently introduced Cobranded prepaid payment and gift card service in cooperation with Supermarkets, Petrol Stations and other mass customer businesses. The prepaid card service allows customers to enjoy loyalty customer benefits in the form of preferential treatment, discount and gifts when they make repeated purchases from Wegagen’s cobranding partners such as Shoa Supermarket.

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