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Wegagen Bank, one of the oldest private banks in the country has registered a 449.6 million birr profit before tax in the 2012/13 fiscal year.
The bank, which has 82 branches throughout the country, has earned 340 million birr net profit after tax, a 1.3 percent growth over the 2011/12 fiscal year performance, which was 335 million birr.
According to the bank’s statement that was released to the general assembly held at the Hilton Hotel on November 5, 2013 the total deposit mobilization has registered tremendous growth compared with the previous year’s achievement. The bank report stated that the past year’s deposit amount reached 7.5 billion birr, which was 5.7 billion birr in the 2011/12 fiscal year.
Last year’s report also indicated that the total assets of the bank were 10.3 billion birr, which were 8.347 billion birr in the previous fiscal year.
One of the major successes that the bank has achieved in the past fiscal year is the amount of loan and advances that it dispersed to clients. According to the report, the 2012/13 fiscal year loan and advances dispersed to the bank’s customers grew to 4.5 billion birr, which is over one billion birr higher than the figure in the 2011/12 fiscal year. A year ago the bank dispersed 3.4 billion birr in loans and advances to interested borrowers.
From the total loans and advances that were dispersed in the past fiscal year the major share were given to import businesses. According to the report, the bank dispersed 988 million birr to the import sector, 828 million birr to wholesale and retail business, 564 million birr to manufacturing, 551 million birr to transport vehicles, 526 million birr to exports and 430 million birr to hotel and tourism.
The bank, established in 1997 with 15 founding shareholders and with a 30 million birr capital now has 2,157 shareholders with a paid up capital of over one billion birr and the total capital, including reserves, has reached 1.8 billion birr.
Wegagen has so far deployed 113 point of sale (POS) terminals at selected market sites and other service rendering organizations. The bank has also increased its ATM network to 61 and is finalizing preparation to deploy an additional 39 ATMs.
At the general assembly Araya Gebre Egziabher, president of Wegagen, said that the three basement floors of the under-construction 22 storey HQ complex located around Addis Ababa stadium have been completed.