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[Jan 2018] Wegagen Bank Latest Ethiopian News | Ethiopian Business Directory & Portal - Addis Biz

Wegagen Bank Earns 532m Br net Profit for 2017 / 2016 fiscal year

Wegagen Bank New Logo ProfitWegagen Bank recorded an increase in net profit earnings by 42pc to over half a billion Birr, primarily owing to a surge in gains from foreign exchange. Its latest performance marked a trend reversal of declining profits over the past four years; although profit had been growing slowly, it was lower than its peers.

The Bank- whose strategy was to

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Wegagen Bank Replaces Six-Year Old Core Banking Solution

Wegagen Bank S.C, the fourth most profitable private bank in the country, replaced its six years-old core banking solution in an attempt to build a robust database system and widen its capacity of serving clients. It will be fully implemented in all of the Bank’s 239 branches within two months.

It cost the Bank over 200 million Br, according to sources.

The new solution, known as Flex Cube, is procured from Oracle- a known international database and software supplier, replacing its old solution- OMNI Enterprise Core

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Wegagen Bank Profits 797 million birr before tax for 2017 / 2016

This year, the Bank grossed an unaudited profit of 797 million Br, which is 50pc higher than the previous fiscal year, making the company the fourth highest profit earner in the country next to Awash, Dashen and Abyssinia.

The shares of Wegagen Bank S.C. with a par value of 1,000 Birr have commanded a price as high as 4,197.7 Br in their second auction although the earnings per share (EPS) of the Bank have been in long-term decline.

Except for the surge in 2011, The Bank’s dividend per share, the amount that goes to

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Wegagen Bank S.C earns 352.4 million Birr profit for 2014/2015 Fiscal Year

Wegagen Bank Stadium Building 23 FloorsWegagen Bank announced that it earned a gross profit of Birr 452.5 million in the 2014/15 Fiscal Year ended June 30, 2015.

The Bank announced this achievement in the audited annual report unveiled at the 22nd Ordinary Shareholders’ Meeting held at Hilton Addis Ababa on November 5, 2015.

Bank President/CEO Ato Araya G/Egziabher said on

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United Bank Signs 1.5bn Br Agreement to Build New Headquarters

United Bank S.C. has signed a headquarters construction agreement with China Jiangsu International Economic-Technical Cooperation Corp (CJIETCC) for around 1.5 billion Br on May 14, 2015 at Hilton Addis Hotel.

The construction work, which will begin before the end of this month, is expected to be completed in a period of three and half years. The 30-storey headquarters will be 119m high and will have four basements. It will also include an employee lounge, conference rooms, and a parking lot that can serve up to 200 cars at

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Wegagen Bank profits 414mln birr

Wegagen Bank Stadium Building 23 FloorsDuring the 21st general assembly held at the Addis Ababa Hilton Hotel, Wegagen Bank announced that it earned 318 million birr in net profits after tax during the 2013/14 fiscal year. Last year it registered 340 million birr net profits.
In the 2012/13 fiscal year the bank’s paid up capital reached one billion birr, which is double the National Bank of Ethiopia’s (NBE)

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