10 February

Wegagen Bank Conducted Annual Shareholders' Assembly

news5Wegagen Bank, established in June 1997 with a paid up capital of Birr 30 million, the highest initial capital at the time, conducted Annual Shareholders General Assembly at Hilton Addis Ababa on November 18, 2010.  At the 17th Ordinary and 10th Extraordinary Meetings of the Shareholders, the Bank’s Board of Directors declared an all time high Gross Profit of Birr 317.5 million, which has resulted in  Net Profit of Birr 223.3 million for the fiscal year 2009/10.


The net profit resulted in 23.6% growth over the preceding fiscal year and during the same time the Bank also paid Birr 94.2 million profit tax to the Government. The Chairman of the Board of Directors commended such a marvelous achievement in profit despite challenging circumstances in the macro and task environments, particularly the credit cap set by the central Bank that was aimed at containing the raising inflationary situation.

The Bank’s President/CEO, Ato Araya G/Egizhaber, shared the Board Chairman’s view and pointed out that the high performance achieved was the outcome of the concerted efforts exerted by the Bank’s leadership and employees.

According to the unveiled audited Annual Report, the Bank’s paid-up capital reached Birr 633.2 million making it at the top list among the private banks whereas total capital, including reserves & retained earnings, also registered Birr 1.1 billion.  Assets registered a record high of Birr 5.7 billion.

Bank’s Board of Directors declared an all time high Gross Profit of Birr 317.5 million, which has resulted in Net Profit of Birr 223.3 million for the fiscal  year 2009/10.

It was further noted that the Bank mobilized deposits amounting to Birr 3.9 billion through its 51 branches and at the same time continued channeling funds to the economy, resulting in Birr 2.5 billion loans.
The president stated that this year’s annual assembly is conducted by the time the Bank has introduced card banking technology to the county’s financial market, speeding-up migration to an advanced & ISO standard Core Banking solution and also under finalization of preparations to erect 22-Storey Headquarters Building Complex at Stadium area. He further noted that the number of Shareholders reached over 2,140 and staff strength has become 1,859. He finally expressed his appreciation and gratitude to all stakeholders that have been in full support of the Bank and urged them to take it forward.
At last, the Bank organized a grand reception at Hilton Addis Ababa and colorfully celebrated the occasion with the Shareholders, Top clients, NBE officials, Banks’ & Insurances’ CEOs, various Institutions' Heads and other Stakeholders.

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Wegagen Tower, Ras Mekonnen St.,
Kirkos Sub-city, Infront of Addis Ababa Stadium
Tel: 0118787919
P.O.Box: 1018, Addis Ababa, Ethiopia