Total deposits of the Bank grew by 26 percent and reached Birr 42.8 billion owing to improved products and services portfolio.
The Bank was able to mobilize net deposit of Birr 8.9 billion during the year under review. The gross amount of loans and advances constituted Birr 39.9 billion at the end of June 2023, up by 32 percent over the same period of the previous year.

The Bank’s total foreign currency earnings during FY 2022/23 was USD 241 million, which increased by USD 46 million (24 percent) against the previous year performance of USD 195 million.

Wegagen Bank’s total assets amounted to Birr 53.5 billion, showing an increment of 24 percent against the previous year’s balance of Birr 43.1 billion. Outstanding loans and advances accounted for 72 percent of the Bank’s total assets followed by Cash and Bank Balance at 17 percent.

The Bank’s total capital reached Birr 6.9 billion at the end of the Fiscal Year 2022/23, an increase of Birr 1.3 billion (23 percent) year-on-year. The paid-up capital also increased by Birr 591 million (17 percent ) from the previous
year’s balance of Birr 3.4 billion and reached Birr 4 billion at the end of the FY 2022/23.

Wegagen Bank generated a total income of Birr 7 billion, well above previous year’s performance of Birr 5.1 billion, indicating a total growth of Birr 1.9 billion (36 percent ). The Bank incurred a total expense of Birr 5.8 billion during the fiscal year under consideration with 27 percent increase against the previous year’s total expense of Birr 4.5 billion.

The bank managed to earn record high total profit before tax of Birr 1.2 billion, which exhibited a commendable growth of 109 percent over the previous year’s profit before tax performance of Birr 572 million. Profit after tax reached 823.8 million birr which is a major increment compared to previous year’s amount of 551.3 million. Consequently, Earning Per Share (EPS) grew from 16.6% for last year to 22.7% for the current year.

During the fiscal year, the Bank managed to open 379,731 additional deposit accounts. As a result, the total deposit accounts reached 2.6 million by the end of June 2023. The Bank managed to open ten branches thereby bringing the total number of branches of the Bank to 410 as of June 30, 2023.

The Bank’s total number of employees, excluding outsourced personnel, stood at 5,071 at the end of fiscal year
2022/23 with a 5% increment over the previous year’s position of 4,824 employees.

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