Wegagen Bank 2013/2014 annual Report shows bounce back from Financial Crisis by Generating Higher Profit In Its 2014 Fiscal Year
Wegagen Bank 2013/2014 annual report shows that the bank has recovered from the financial crisis of the past two years. the bank which has been deeply affected by the Northern Ethiopia war. was forced to close 112 of its branches and cut some of its customers which increased the damage.
The war has deeply affected the income and profit rate that could have reached the terms of the bank’s age.
After the war, in 2013, Wegagen Bank 2013/2014 annual report shows
- The general profit rate has dropped from one billion to 193 million Birr
- Loans taken before the banks closed were not returned which caused a decline in the profit rate.
After the decline and aggravated damage that happened in 2013, the bank has managed to improve its overall performance in the 2014 fiscal year.
After 2013, in the 2014 fiscal year, as Wegagen Bank 2013/2014 annual Report stated
- the bank managed to make a profit of 572 million birr before tax
- 112 branches were able to collect a total of 2.4 billion birr in deposit
- At the end of the year, the bank’s deposit reached 33.9 billion birr which recorded an eight percent growth compared to the previous year.
- The total amount of loans given to various sectors of the economy has reached 30.3 billion birr, showing an increase of 11 percent or 2.9 billion birr compared to the same period of the previous year.
- The total assets of the bank increased by 8.7 percent or 3.5 billion birr to 43.1 billion birr at the end of the year.
- The Bank achieved a total income of 5.1 billion birr in the 2014 fiscal year, which is 96.7 million birr more than the previous fiscal year.
From this, we can understand that this year’s bank report that the work done to reduce the cost has been successful. This has reduced the annual cost for the first time. Wegagen Bank After years of a rollercoaster, Wegagen Bank has managed to overcome the problems and other challenges faced during the two-year war crossing the 2014 mark. Wegagen Bank today is as effective and efficient as it can ever be.
The board of directors has mentioned that the last fiscal year had been an important period of capacity building in which various strategic initiatives were concluded while others were started. The Bank has strived to embrace emerging opportunities as well as withstand constraining challenges broad-minded and innovatively. Overall, the bank maintained healthy and stable growth by undergoing strategic changes and pursuing complaints operations. (Wegagen bank, s.c. 2013/14 annual report)
The president also gave an idea to strengthen this, and it is said that activities such as providing new banking services that can increase customer satisfaction, expanding the bank’s income source and digital banking services, strengthening risk management, etc. are included in the employees.
He emphasized that strengthening the bank’s strategic relationship with various stakeholders, establishing new relationships, increasing project execution capacity, and building the image of the bank are its main activities.
Regarding the bank’s future activities, the bank has pointed out that despite the non-payment of loans following the war, the bank will work hard to gather new customers. They mentioned that the bank’s community is working wholeheartedly to make this a better bank. Keeping in mind that tomorrow is a brighter day, the bank believes that the work done so far and the work done in the future will lead Wegagen Bank to admirable results.
to read more about Wegagen Bank visit https://banksethiopia.com/banks/wegagen-bank/