Wegagen Capital Investment Bank S.C. reported total revenue of ETB 140.99 million and profit before tax of ETB 46.58 million for the financial year ended June 30, 2026, its first full year of operations, in results presented to shareholders at Kuriftu Resort in Bishoftu.

The results imply a pre-tax margin of roughly 33 percent, a profitable debut year for an institution that only began trading in mid-2025.

Shareholders at the meeting approved the capitalization of 100 percent of distributable profit through a rights issue to existing shareholders, with the option to take dividends in cash retained. Management said the capitalization is intended to strengthen the firm’s capital base and fund future growth, signalling a reinvestment-first posture rather than an early payout to owners.

The company said it also recorded progress in its advisory and brokerage lines during the year, and pointed to work on governance, technology, human capital, risk management and market capabilities. It did not disclose a net profit figure, earnings per share, or a breakdown of revenue by business line.

Wegagen Capital was licensed by the Ethiopian Capital Market Authority (ECMA) on March 21, 2025, as the country’s first private investment bank, and became the first registered trading member of the Ethiopian Securities Exchange (ESX) on May 14, 2025. It was founded with paid-up capital of ETB 385 million, and is majority-owned by Wegagen Bank with a 75 percent stake, with Africa Insurance Company among the minority holders. The firm is led by CEO Brutawit Dawit Abdi, a former chief executive of Wegagen Bank, Bank of Abyssinia and Zemen Bank.

Its licensing followed NBE Directive SBB/92/2024, which permits commercial banks to take full ownership of capital market service providers, the rule that opened the door for bank-affiliated investment banks in Ethiopia. Wegagen Bank was the first company to list on the ESX when the exchange launched in January 2025, giving the group a dual presence as both a listed issuer and a market intermediary.

The reporting year covers a period in which the exchange moved from launch to early trading activity, with Ethio Telecom listing on May 26 as the fourth company on the ESX and the first state-owned enterprise, bringing some 45,000 shareholders and roughly 10.1 million shares worth about ETB 3 billion into dematerialized form. Competition is also building: ECMA has since licensed Nigeria’s United Capital as the first foreign investment bank in the market, joining state-owned CBE Capital.