ADDIS ABABA – Wegagen Bank, one of the 30 private commercial banks in Ethiopia, has decided to increase its paid-up capital to 20 billion Birr.
The board of directors proposed the motion to raise the paid-up capital to the bank’s shareholders during their meeting on Saturday.
The motion has been approved with a majority vote, announced the bank in a statement issued on Tuesday.
Wegagen’s officials plan to raise the paid-up capital to 20 billion Birr in the next five years through the sale of shares to the public and current stakeholders.
In the same year, the bank secured 572 million Birr in annual profit, up by 196% from the preceding twelve months. This has led the earnings per share (EPS) to jump from 4.2% to 16.6%.
The total asset of Wegagen grew by 9% to 43.1 billion Birr while its deposit mobilization increased by 8% to reach 33.9 billion Birr last year.
Wegagen Bank was established in 1997 with 16 shareholders and a paid-up capital of 30 million Birr. The Bank, with 7000 shareholders, has 5000 employees.
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