Wegagen Bank announced the financial results. The total deposits of Wegagen Bank have exceeded 50 billion Birr, reaching 52.1 billion Birr. This marks a 22% growth from the previous year.
In the last fiscal year, Wegagen Bank reported a profit before tax of 2.2 billion birr. This represents a 109% increase from the previous year’s profit of 1.2 billion birr. The bank’s total revenue surpassed 9 billion birr, showcasing its performance despite economic challenges.
Wegagen Bank also achieved a net profit of over 1.6 billion birr. Its paid capital grew by 27%, reaching 5.1 billion birr at the end of the budget year.
The bank increased its lending to various economic sectors, reaching 45.1 billion birr. This commitment supports local businesses and promotes economic development in Ethiopia.
Wegagen Bank also saw a rise in shareholder engagement, with around 12,000 shareholders as of 2016. The bank’s total foreign exchange revenue reached 305 million dollars, up from 241 million dollars the previous year, marking a significant 27% increase.
Wegagen Bank aims to sustain its growth (deposits and profit) and innovation. The management plans to enhance customer experience through digital banking solutions. Wegagen Bank is ready to meet new challenges and seize opportunities as the banking landscape evolves.
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