Wegagen Bank Soars: Record Revenue and a Pioneer Investment Bank for Ethiopia
Wegagen Bank has announced stellar financial results for the 2024/25 Ethiopian fiscal year, showcasing impressive growth and a strategic pivot towards fintech, financial inclusion, and capital market leadership. The bank’s achievements include a record-breaking Birr 13.5 billion in revenue, reflecting a remarkable 38% year-on-year increase, and a significant 73% surge in pre-tax profits to Birr 3.85 billion. This strong performance was unveiled during Wegagen’s 32nd Annual General Meeting (AGM), highlighting the bank’s resilience and innovation within Ethiopia’s dynamic financial landscape.
Key Financial Performance in a Challenging Climate
Wegagen Bank’s remarkable financial performance underscores its strength amid Ethiopia’s volatile macroeconomic environment, which includes forex shortages and inflationary pressures. This achievement is particularly significant considering the ongoing liberalization of the financial sector. Key financial highlights from the fiscal year (2017 E.C.) were presented by Board Chairman Abdishu Hussein. These key figures include:
* Total Revenue: Birr 13.5 billion (38% YoY growth)
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