Wegagen Bank garners gross profit of 1.4 bln Birr

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Wegagen Bank announced Friday that it has garnered a gross profit of 1.4 billion Birr in 2021/22 fiscal year.

Aklilu Wubet, CEO of the Bank attributed the impressive efforts made by the Board and Management of the bank, in tandem with the workers to the improved results.

He said the marked increase in profit was recorded while 112 of the Bank’s 400 branches are still out of service due to the conflict in north Ethiopia.

Wegagen’s deposit mobilization has also registered improvement—increasing from 31.5 billion Birr to 33.9 billion Birr.

Its asset value has increased from 39.7 billion Birr to 43.6 billion Birr in the fiscal year that concluded on July 8, 2022.

Wegagen Bank was established in 1997 with 16 shareholders and a paid-up capital of 30 million Birr. The Bank has 5, 888 shareholders, and 5000 workers and operates with 6.1 billion Birr in capital.

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