During the financial year concluded June 30, 2020, Wegagen Bank, one of the private banks in Ethiopia, has reported annual gross profit of close to 1.07 billion Birr – 46 percent up from the preceding budget year.
The previous year Wegagen Bank has made total gross profit of 735 million Birr. Compared to the previous year, Wegagen’s gross profit for the budget year concluded June 30, 2020 has increased by 342.3 billion Birr or 46.5 percent. This is indicated over the weekend at the annual shareholders meeting held in the capital, Addis Ababa.
Tefera Molla, Deputy Chairman of Directors Board of Wegagen Bank said that the achievement of Wegagen was outstanding in the face of the global pandemic that affected the business environment.
The paid-up capital of the Bank has also increased to 5.1 billion Birr during the financial year concluded June 30, 2020. Compared with the previous budget year, the amount of loan the Bank extended to its customers during the financial year concluded June 30, 2020 has also increased by 44 percent to 23.7 billion Birr.
Wegagen Bank has managed to open 43 new branches across the country during the financial year concluded June 30, 2020. This has increased the total branches of the Bank to 383. Currently Wegagen Bank Share Company has a total of 3,998 total shareholders.