Wema Bank Pre-tax Profit Rises By 4 Per Cent

Wema Bank Plc has said that it recorded a pretax profit of N615 million in its unaudited results for first quarter of 2015.

The aforementioned figures indicated a growth of four per cent over N591 million posted within the same period in 2014.

It also announced a growth of five per cent in gross earnings to N10.63 billion. Besides, the lender said the downward trend in the non-performing loan ratio continued, closing the quarter by 2.3 per cent. Similarly, there was a marked reduction in other operating expenses, which reduced by 11 per cent, year-on-year largely attributable to improved operational efficiency.

The Bank’s Interest Income grew to N8.9 billion, up from N8.3 billion in 2014, representing an eight per cent growth, while Return on Average Equity increased to 6.4 per cent compared with 6.1 per cent in 2014.

Commenting on the results, the Managing Director/ CEO of the bank, Mr. Segun Oloketuyi, said, “The sustainability of our earnings and the resilience of the bank’s income growth, in spite of the harsh economic environment since the middle of last year, are particularly encouraging. “We have streamlined our balance sheet in order to achieve efficiencies in our sourcing and deployment of funds.


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