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Wema Bank Profits Appreciates by 59 per cent, Asset Base Hits N382.6bn

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Wema Bank Plc audited repor tfor the year ended 31st December, 2014 showed an increase of 59 percent in its profit before tax,while the bank’s assets growth was 15.6 percent.

This was made known to the Nigerian stock Exchange by the bank in a statement released last week. According to the result, the bank’s total assets also jumped up by 16 percent to N382.6 billion, compared with N330.9 billion recorded in the corresponding year.

The Gross loan and Advances to customers was up by 51% to N149.3 billion from N98.6 billion in the preceeding year, the profit after tax of N2.37 billion was recorded up by 48% from N1.59 billion in december 2013.

Speaking on the result, the Managing Director/CEO, of Wema Bank, Segun Oloketuyi, said that he was pleased with the year-on-year improvement in its financial performance, the Bank has improved significantly on its profitability and consumer base despite shrinking margins and intense competition. The progress recorded is as a result of the continued execution of our three-year growth strategy -Project LEAP.

He added that the bank recorded a 19% growth in customer deposit volumes largely from the Commercial and Retail segments of the market in spite of the tightened liquidity regime excarberated by the hike in cash reserve requirement. The bank’s loan and advances to customers increased by 51% guided by a strong Risk Management structure, which is evedenced by the level of non-performing loans at 2.49%.

The CEO further said Wema Bank has become a stronger, more efficient, resilient and customer-focused organisation with a robust risk and governance structure. The bank has realigned its business focus to concentrate on its business focus to concentrate on its key area of strenght- Retail Banking.We use technology to our advantage, deploying in-branch solutions, mobile and internet applications and other social media tools to drive customer patronage and to reduce our cost to serve.

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