By our staff reporter
Wegagen Bank has reported a significant surge in its profit before tax, recording a remarkable 109% increase compared to the previous year. The bank announced a profit of 1.2 billion birr, marking its highest-ever pre-tax profit and surpassing the previous year’s figure of 572 million birr.
In the last financial year, Wegagen Bank achieved a revenue of 7 billion birr, showcasing a notable growth rate of 36%. Despite the challenges faced by the institution, the bank attributed its impressive revenue performance to its resilience.
During the 30th regular meeting of shareholders, Chairman of the Board of Directors, Abdishu Hussain, revealed that the bank’s paid-up capital has reached 6.9 billion birr. Furthermore, the bank’s deposits have reached 42.8 billion birr, while the loan portfolio has increased to 39.9 billion birr, according to information obtained by Capital.
Speaking at the 30th Annual General Meeting of Shareholders held on December 9, 2023, Hussain emphasized that the bank achieved its highest-ever income growth of 36% in the 2021/22 fiscal year, despite the challenges. Notably, Wegagen Bank’s pre-tax profit for the fiscal year stood at 1.2 billion birr, representing a remarkable 109% increase compared to the previous fiscal year.
Additionally, the bank’s paid-up capital, which was 3.4 billion birr in the 2021/22 fiscal year, experienced a growth of 17% and reached 4 billion birr by the end of the 2022/23 fiscal year. The bank’s total capital also saw a 23% increase, rising from 5.6 billion birr to 6.9 billion birr. In terms of total assets, the bank recorded a 24% growth, reaching 53.5 billion birr in the fiscal year, up from 43.1 billion birr.
Wegagen Bank’s deposits collected during the fiscal year amounted to 42.8 billion birr, indicating a growth rate of 26% compared to the previous fiscal year’s figure of 33.9 billion birr. Furthermore, the loan portfolio witnessed a 32% increase, rising from 30.3 billion birr in 2021/22 to 39.9 billion birr.
