Wegagen Bank, one of the few banks who have operated in Ethiopia for more than 20 years has reported that it has earned 735 million birr gross profit for the 2019 / 2018. This profit is 315 million birr less than last year’s result. The net profit of the bank decreased to 620.9 million birr.
The bank earned a gross profit of 1.05 billion birr for the 2018 / 2017 financial year. Earning per share dropped from 365 birr for the 2018 / 2017 year to 256 for the current year.
Shareholders of the bank have raised their concerns regarding the considerable drop in profits. The banks total deposits have reached 23.5 billion birr while total loans have increased to 16.5 billion birr.
Paid up capital increased by 9.4% and reached 2.5 billion. Total capital of the bank increased from 3.8 billion to 4.2 billion. The total assets of the bank have showed a slight increase, from 27.4 to 29.8 billion.
Shareholders were unhappy with the bank’s performance regarding profits and non performing loans.
The bank currently has 361 branches throughout Ethiopia. The number of shareholders of the bank have reached 3,285 while total employees are currently 4,510.