Wegagen Bank posts 193 mln Birr gross profit

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Wegagen Bank Share Company has posted a gross profit of 193 million Birr in the concluded fiscal year in June 2021.

The profit was declined from previous year performance of close to a gross profit of 1 billion Birr.

The concluded fiscal year has been marked by multifaceted challenges for Wegagen Bank. The Covid-19 pandemic has continued to affect the global economic environment of the fiscal year 2020/2021, particularly in the first six months of the year, according to Abdishu Hussien, Chairperson of the Board of Directors of Wegagen Bank.

Also, the prolonged conflicts in the northern part of Ethiopia increased the Non-Performance Loans (NPL) of the Bank, said Abdishu.

The total deposit of the Bank reached 31.56 billion Birr as of June 30, 2021, exhibiting a 5% growth from the previous year performance of 30.1 billion Birr.

Its paid-up capital has reached 3.3 billion Birr from the previous year performance of 2.9 billion Birr. Total assets figure also showed a boost from 38.2 billion Birr from the previous fiscal year performance to 39.7 billion Birr in June 30, 2021.

Interest Free Banking (IFB) service has been registering a sustained growth for the last couple of years. As of June 30, 2021, the Bank’s deposit form interest free banking services stood at 1.5 billion Birr.

Year-on-year comparison, IFB deposit jumped by 15% over last year’s balance of 1.3 billion Birr.

The total financing through IFB has amounted 362 million at the end of 2020/2021 fiscal year.



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