25 November 2012

Ethiopia: Wegagen Bank Shows 335.6 Million Br Profit

Wegagen Bank earned a net profit of 335.6 million Br after tax in the 2011/12 fiscal year, a 3.8pc increase over its performance of the previous year, the bank announced at its 19th ordinary and 11th extraordinary meeting at the Hilton Addis on November 22, 2010.

Wegagen, which has a paid-up capital of 952.9 million Br, one of the highest among private banks, managed to mobilized 5.4 billion Br from its depositors while it disbursed 3.5 billion Br loan for different sectors of the economy. Out of the total loan disbursed during 2011/12, the manufacturing sector ranked on the top with 18.2pc while the constriction and wholesale sector stood second and third with a 17.5pc and 14.5pc, respectively. For shareholders, last year's earnings per share (EPS) of 37.8pc per 1,000 Br share was slightly lower than previous year's figure of 44.8pc.

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