Wema Bank Plc has announced a fall in Profit Before Tax at its 2017 Annual Reports and Accounts at the bank’s AGM recently in Lagos.
The Bank closed with a Profit before Tax (PBT) of N3.01 billion (2016; N3.24 billion), despite reporting an increase in impairment charges which rose from N0.42 billion in 2016 to N2.18 billion in 2017.
The lender,however, confirmed the growth of its gross earnings by 20.07%, from N54.36 billion in FY2016 to N65.27 billion in FY2017.
Managing Director/CEO of the bank, Segun Oloketuyi; “the growth was supported by the launch of ALAT – Nigeria’s first fully digital Bank, enhancing Wema Bank’s already existing alternate platforms which recorded a combined growth rate of 205.67% in transactions executed and with an estimated 30,000 accounts opened monthly. We have made necessary steps to consolidate on the growth achieved in the new financial year.”
Commenting on the financial year 2017 results, Oloketuyi provided further insights into the performance of the Bank during the period. “Despite the slow start to the year, 2017 recorded significant progress, highlighted by the introduction of the Investor & Exporters (I&E) window and recovery in oil prices,” He noted.
Chief Finance Officer, Tunde Mabawonku, on his part, noted that, the Bank’s earnings from non-interest income remained strong, growing by 24.44% from N9.80 billion in 2016 to N12.19 billion in 2017; surpassing its 2017 guidance of a 19% growth rate.
