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Wegagen Bank, one of the four most profitable private banks, has registered massive achievements in the past financial year in all features of banking activity.
The bank that conducted the general assembly on Thursday November 17 stated that it has registered a 43 percent higher profit for the 2016/17 financial year compared with 2015/16.
According to the audit report presented at the general assembly the bank has earned 708.1 million birr net profit before tax, which was 478 million birr a year ago.
The audit report indicated that the total net income of the bank after provision of doubtful debts increased almost half a billion birr. In the 2016/17 financial year Wegagen was able to earn over 1.6 billion birr, while was 1.14 billion birr in the 2015/16 financial year.
Wegagen’s net profit after tax has reached over half a billion birr and stood at 532 million birr. In the 2015/16 fiscal year the bank’s net profit after tax was 375.6 million birr.
The bank’s earnings per share also increased. The report stated that the earning per share of the bank has increased by 58 birr compared with the preceding year. A year ago a 1,000 birr share earned 222 birr, this has gone up to 280 birr this past fiscal year, which a notable growth since the earning per share in the financial industry had been declining.
The paid up capital as of the reported period, June 30, 2017, has increased to 2.1 billion birr from 1.7 billion birr a year ago.
The total assets of the bank, which inaugurated the biggest ever building in the country also went up to 20.9 billion birr. In the 2015/16 fiscal year the total assets was 16.1 billion birr.
For the year the deposit that Wegagen mobilized reached 15.6 billion birr. A loan that was dispersed reached 10.2 billion birr from 7.5 billion birr a year ago.
Wegagen moved its head office at the 33-storey building, Wegagen Tower, that was constructed at the cost of over 800 million birr and it inaugurated it on September 30 in the presence of President Mulatu Teshome (PhD).
The bank has over 245 branches throughout the country with a high number of POS and ATMs.
Wegagen is one of the oldest private banks since the free market was introduced two decades ago.