Home Business Wema Bank Declares N37.89b Gross Earnings in Q3

Wema Bank Declares N37.89b Gross Earnings in Q3

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Wema Bank Plc has declared N37.8Billion gross earnings for the 3rd quarter of 2016. The result released by the lender shows a 16.36 per cent growth over N32.57Billion recorded same period in 2015.

According to the Bank, the nine-month figure was driven by a 20.12 per cent and 16.79 per cent growth in interest, income, fees and commission  respectively.
Managing Director Wema Bank Plc, Segun Oloketuyi, explained that the Bank’s third quarter result showed modest improvement in operating indices, despite the slowdown in the operating environment.

He said:“Despite the harsh operating environment, Wema Bank continues to record growth, as gross earnings increased by 16.36 per cent to N37.89 billion from N32.57 billion in the same period last year. The bank optimised its balance sheet, as loans to customers rose by 20.78 per cent to N177.01 billion with interest income expanding by 20.12 per cent to N31.93 billion compared to last year while fees and commission increased by 16.79 per cent to N4.41 billion.”

He explained that  the bank maintained its commitment to innovation, introducing *945# and other digital initiatives.

He said: “These efforts continue to engender confidence with our customers, leading to a growth in savings deposits by 18.10 per cent from N35.58 billion as at December 2015 to N42.02 billion as at the end of the period. The streamlining of our processes and the leverage on technology, led to improving efficiencies and cost optimisation, with operating expense declining by 1.77 per cent year-on-year from N17.49 billion in September 2015 to N17.18 billion in September 2016 compared to a general inflation level of 17.9 per cent”.

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