Wegagen Bank has returned in full swing, registering 823.8 million Br net profit and historic revenues of seven billion Birr in the ended year. Board Chairman Abdishu Hussien addressed shareholders gathered at the Hilton Hotel last week, revealing a 17pc increment in the Bank's paid-up capital to four billion Birr. It is one billion short of the regulatory minimum put forth by the central bank. Total deposits mobilised by Wegagen witnessed a marked increment of 26pc to 42.8 billion Br, while its total assets grew by 24pc to 53.5 billion Br. Abdishu revealed that the total number of shareholders had grown to 10,885 while the number of branches grew to 410 across the country. The profits of Wegagen were registered the same year the Bank waived off a quarter of interest payments on loans to businesses in war-torn Tigray Regional State to the tune of 250 million Br. The Bank had been seriously impacted by the two-year war in the north, with 136 of its branches in the region being rendered largely dysfunctional.
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