Zemen and Wegagen Bank report increases in annual gross profits

Both Zemen Bank and Wegagen Bank have reported a significant rise in their annual gross profits for the budget year that concluded on June 30th, 2020 compared to that of the previous year. Zemen Bank saw a 59 percent rise in its profits (388 million ETB) while Wegagen saw a 46.5 percent rise (342.3 million ETB).

Wegagen Banks’s Deputy Chairman of the Directors Board Tefera Molla said that the performance of Wegagen, and most of the other 16 banks in the country, was commendable given the dire economic conditions created by the COVID-19 pandemic. Recently other banks including Hibret, Awash, and Berhan Bank.

According to the National Bank of Ethiopia, the total capital of the banking industry saw an 18.4 percent increase. Both Zemen and Wegagen were part of this trend with their total capitals increasing to 5 billion ETB and 5.1 billion ETB respectively.

Estimates based on projections made by the banks at their recently held annual shareholder’s meetings expect the total capital of the banking industry to increase by at least 50 percent from the current 101.5 billion ETB.

LinkUp Business, New Business Ethiopia

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