Don't Miss


Home   >   Business   >   Industries   >   Banking   >   Wema Bank reports 9.5% rise in gross earnings

Wema Bank reports 9.5% rise in gross earnings

By on March 23, 2016

Wema Bank Plc has reported a 9.5 per cent growth in its gross earnings for 2015 financial year on the back of improved deposit liabilities and its risk management framework.

This, it noted in a statement, was demonstrated by non-performing loans ratio of 2.67 per cent and a less than one per cent cost of risk.

The Managing Director/Chief Executive Officer of the bank, Segun Oloketuyi, was quoted as saying, “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.”

The bank said total deposits for the period stood at N284.9bn; representing a 9.5 per cent increase from the N258bn recorded in 2014, while gross earnings rose to N46.02bn from N42.19bn recorded in 2014 financial year.

It added, “Profit before tax closed at N3.04bn, compared to the prior year figure of N3.09bn.”

 

[Punch]