Wegagen Bank has reported growth in its financial performance, with total assets reaching Birr 65.7 billion for the 2023/24 fiscal year. The announcement was made during the bank's 31st regular and 15th emergency general meeting of shareholders, held in Addis Ababa.

In his presentation of the bank's annual report, Mr. Abdush Hussain, Chairman of Wegagen Bank’s Board of Directors, revealed that the bank posted a profit of Birr 2.2 billion before tax and Birr 1.6 billion after tax. He also highlighted a marked increase in the bank's deposits, which grew to Birr 52.12 billion by the end of the fiscal year. Of this, Birr 2.47 billion came from interest-free deposits.

Wegagen Bank also saw developments in lending, with loan disbursements reaching Birr 45.18 billion. The bank collected Birr 12.4 billion in loans over the course of the year. Additionally, the bank reported earning USD 305 million in foreign currency, a 27 percent increase from the previous year, reflecting its growing role in international financial transactions.

The bank’s capital reached Birr 9.2 billion by the end of the year, with paid-up capital standing at Birr 5.1 billion. Mr. Abdush acknowledged that while the bank’s capital has grown, it plans to increase its paid-up capital to Birr 20 billion over the next five years, aiming to strengthen its position in the competitive banking sector.

Wegagen Bank also recorded a total income of Birr 9.8 billion, with interest income accounting for 69 percent of that total. Looking forward, The Board Chairman emphasized the bank’s commitment to expanding customer satisfaction, enhancing access to banking services, and leveraging technology to provide modern financial solutions. He also reiterated the bank’s focus on fulfilling its social responsibility and contributing to Ethiopia’s economic development.

Source: Addis Zemen