The bank, that is an offshoot of EFFORT in its 16th ordinary meeting , elected new board members for the next two years, namely: Sibhat Nega, Mulualem Berhanu, Tefera Mola, Ambasel Trading Enterprise, Teferi Zewdu, Teklu Geleta, Hailu Mola, Tomas Gebremariam and Abishu Hussein.
Our Sources disclosed that Sibhat Nega was elected to spine the bank and is a given a duty of handling the profits of the bank.
And funnily despite the last fiscal year being a tough one for financial institutes, Wegagen Bank (WB) has announced it has recorded a 30.1 percent growth in profits.
Inflation, the forex crunch, and regulatory interventions aimed at reducing the money supply to curb the rising prices were some of the factors that made 2008/09 a tough environment for the nation’s banks.
However, amid these challenging internal and external situations, the bank managed to record a net profit of 180.6 million birr net profit – one of the highest among the private banks.
Total deposits amounted to 3.7 billion birr, an increase of 769 million birr, or 26 percent, from last year, while total loans and advances stood at 2.1 billion birr, in line with the credit cap set by WB’s board.
Total assets reached 5.1 billion birr, registering a billion birr increment, or a growth of 24 percent compared to last year.
The bank has 48 branches and a forex bureau and it is also working with 11 international money transfer companies.
Having commenced operations with a paid up capital of 30 million birr, which was raised by 16 shareholders, the number of Wegagen’s shareholders has reached 1,257, while the paid up capital was 517.6 million birr at the end of last fiscal year. Including reserves, WB’s capital has grown to 701 million birr.
In addition the bank is constructing a 20-storey new headquarters complex in the Stadium area of Addis Ababa that it got from woyanee free of lease.
Following this report, the board of the bank has offered a two month salary bonus and salary increase to all its employees.