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Press Release
Wegagen Bank Conducted Shareholders Assembly
Wegagen 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 revealed 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.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
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.
November 18, 2010
Addis Ababa
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