Wema Bank’s Earnings Jumps to N46billion

Wema Bank Plc, on Monday, March 21, announced gross earnings of N46.02 billion for the financial year ended December 31, 2015.
This represented a 9.5 per cent rise from N42.19 billion recorded in the same period of 2014.

The earnings rise was attributed to rise in deposit liabilities and robust risk management framework instituted by the lender. The bank also recorded non-performing loan ratio of 2.67 per cent and less than one per cent cost of risk.

Managing Director/CEO, Segun Oloketuyi, who spoke from the Bank’s headquarters in Lagos, said: “Our 2015 performance is a reflection of our resilience and our commitment to continuously deliver value to our stakeholders.”

“The 2015 financial year was a particularly challenging one for the banking sector as the impact of low government spending; policy changes in foreign exchange administration; a depressed energy sector; declining manufacturing outputs and elements of insecurity continued to take a toll on consumer spending and economic activities.”

The bank chief said although these challenges moderated the lender’s performance, it still posted a modest and encouraging result at the end of the 2015 financial year.

Other performance indicators showed that total deposits for the period stood at N284.9 billion, representing a 9.5 per cent increase from the N258 billion recorded in 2014.

The bank’s Profit Before Tax (PBT) closed at N3.04 billion, compared to the prior year figure of N3.09 billion.

Wema Bank was also granted a national banking license by the Central Bank of Nigeria (CBN), which gave it right to establish branches anywhere in the country. The bank celebrated its 70th anniversary with a brand repositioning exercise, which saw it change some core brand elements, giving way to a more vibrant and dynamic look with an increased focus on service excellence.

 

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