Oloketuyi

 

Wema Bank grows revenue by 9.5 percent

…expands customer base by deploying innovative banking solutions

BY OKECHUKWU ONYEMWEAKU

WEMA Bank Plc. has announced its Full Year Audited results for the twelve-month period ended December 31, 2015.

Wema Bank Plc, has reported a 9.5% growth in its Gross earnings on the back of improved Deposit liabilities and a robust risk management framework as demonstrated by NPL ratio of 2.67% and a less than1% cost of risk. This was made known when the Bank released its FY2015 results.

Speaking from the Bank’s headquarters in Lagos, Segun Oloketuyi, Managing Director/CEO of WEMA Bank Plc, 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 spend, 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.

Without a doubt, these challenges moderated our performance but we still posted a modest and encouraging result at the end of the 2015 financial year. Details show that Total Deposits for the period stood at N284.9 billion; representing a 9.5% increase from the N258 billion recorded in 2014.

Gross earnings improved to N46.02 billion from N42.19 billion recorded in 2014 financial year.

Profit Before Tax closed at N3.04 billion, compared to the prior year figure of N3.09bn.

The Bank also achieved several significant milestones during the financial year. Top of the list was the grant of a National banking license by the Central Bank of Nigeria, authorizing physical presence 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. The Bank was also awarded critical certifications of ISO 20000 and ISO 27001 and launched the Card control security feature on its mobile app-a first in the industry.

While the figures show some relative improvement year-on-year and significant improvement in the last quarter, we must point out that the outlook for 2016 performance remains challenging. The Bank has however started the year with a renewed focus on its strategic aspiration of becoming a leading retail bank in Nigeria. The continued implementation of Project L.E.A.P., the Bank’s Growth Strategy, helped narrow our focus and channelled of all our efforts towards specific opportunities, with great potential and synergistic relationships which we pursued. This strategy, now on its last lap, will again guide the Bank’s allocation of resources in 2016.

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