ADDIS ABABA– Wegagen Bank announced a remarkable performance for the 2023/2024 fiscal year, posting a record profit before tax of 2.2 billion Birr, a significant 86% increase compared to the previous year’s 1.2 billion Birr.
The bank’s CEO, Aklilu Wubet (PhD), shared the impressive results during the 31st ordinary and 15th extraordinary shareholders’ general assembly held in Hilton Addis Hotel yesterday. The after-tax profit for the fiscal year reached 1.6 billion Birr.
The bank also reported a total revenue of 9.8 billion Birr for 2023/2024, marking a 40% growth from the previous year’s 7 billion Birr. This growth amounted to an increase of 2.8 billion Birr. Wegagen Bank’s total deposits reached 52 billion Birr as of June 30, 2024, and its total assets grew to 65.7 billion Birr.
In terms of capital, the bank’s total capital increased by 33% to reach 9.2 billion Birr, up from 6.9 billion Birr the previous year. Its paid-up capital grew by 27%, reaching 5.1 billion Birr.
Wegagen Bank also expanded its physical presence with the opening of 26 new branches across Ethiopia, bringing the total number of branches to 436 by June 30, 2024. The bank emphasized the integration of digital banking to complement its growth.
Looking ahead, Aklilu outlined plans to increase the bank’s paid-up capital to 20 billion Birr over the next five years. Furthermore, the bank continued to fulfill its corporate social responsibility by contributing 75 million Birr to various community development initiatives.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD SUNDAY EDITION 10 NOVEMBER 2024
