Wegagen Bank amassed 414 million birr in pre-tax profits last year.
During the 21st general assembly held at the Addis Ababa Hilton Hotel, Wegagen Bank announced that it earned 318 million birr in net profits after tax during the 2013/14 fiscal year. Last year it registered 340 million birr net profits.
In the 2012/13 fiscal year the bank’s paid up capital reached one billion birr, which is double the National Bank of Ethiopia’s (NBE) requirement, and it has expanded it to 1.3 billion birr in the past fiscal year.
The total capital including the reserve has reached 2.1 billion birr, according to Araya Gebre Egziabher, president of Wegagen; its total assets reached 11.5 billion birr, which is a 1.1 billion birr growth compared with the 2012/13 fiscal year figures.
According to the bank’s statement that was released to the general assembly the total deposit mobilization has grown compared with the previous year.
The annual report indicated that Wegagen’s total deposits reached 8 billion birr, from 7.5 billion birr in the 2012/13 fiscal year.
According to the report, the 2013/14 fiscal year’s loan and advances disbursed to the bank’s customers was similar with the 2012/13 performance, which is 4.5 billion birr.
Two years ago the bank disbursed 3.4 billion birr in loans and advances to interested borrowers.
According to the bank statement the number of shareholders in the past fiscal year has reached 2,203; a figure that amounted to 2,157 a year ago.
Meanwhile, Wegagen Bank’s leaders are enthusiastic about the construction of a 23 floor headquarter building in the heart of the city around National Stadium.
Bank officials announced that work of the 805 million birr project was progressing and they expect the building to be completed by April 2016.
Currently, Wegagen has 98 branches throughout the country; along with 89 ATM and 136 PoS machines. The bank is currently using the Agar Visa Card and is in the process of introducing Master Card, one of the three largest credit card companies.
Recently the bank launched a mobile and Internet banking system. “The new technological banking service particularly mobile banking is significant because it allows bank access for 24 hours,” the bank report stated. The new mobile service offers customers greater flexibility and convenience and the ability to receive SMS alerts every time there is activity in their bank accounts which provides enhanced security.
In addition, the bank’s corporate Internet banking makes it possible for organizations to make bulk payments for expenditures like salaries, announced the bank, which is currently using 17 international money transfer companies.
The bank, established in 1997 with 15 founding shareholders and 30 million birr in capital now has 2,203 shareholders.