Wegagen Bank Reports Record Income of Birr 9.8 Billion

Wegagen Bank has announced an income of ETB 9.8 billion for the 2023/24 fiscal year, representing a significant 40% increase from the previous year. This record achievement was unveiled during the Bank’s 31st Ordinary and 15th Extra Ordinary Shareholders’ General Assembly.

Chairperson Abdishu Hussein emphasized the Bank’s robust performance, stating, “The remarkable achievement registered in all key performance indicators signifies the Bank’s resilience and proactive response to the global and domestic challenges encountered during the fiscal year.” The Bank also reported a gross profit of ETB 2.2 billion, reflecting 86% increase year-on-year.

In addition to its income growth, Wegagen Bank’s total capital rose to ETB 9.2 billion, a 33% increase from the previous fiscal year, while its paid-up capital increased by 27% to ETB 5.1 billion. The Bank’s earnings per share (EPS) also saw an improvement, reaching 36.89%, up from 22.70% the year before.

The Bank’s total deposits surged by 22% to ETB 52.1 billion, while outstanding loans and advances grew by 13% to ETB 45.1 billion. Abdishu noted that the Bank created 5,426 jobs across the nation and contributed ETB 75 million to socio-economic development initiatives.

CEO Aklilu Wubet (PhD) acknowledged the challenges faced in the current business environment but credited the Bank’s adaptability for its success, stating, “We will closely monitor dynamic policy shifts to ensure sustainability in our growth.”