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Wema Bank’s full year profit rises by 59%

By BusinessNews Staff on March 26, 2015

Wema Bank Plc has declared a 58.8 per cent growth in its profit before tax in its full year audited results for the year ended December 31, 2014.

The bank also said its total asset grew by 15.6 per cent in the year under review. It total assets also climbed by 16 per cent to N382.6 billion, compared with N330.9 recorded the corresponding year. Also, the results showed that the bank’s gross loans and advances to customers jumped by 51 per cent to N149.3 billion in 2014, up from N98.6 billion recorded in December 2013. Similarly, its customer deposits at the end of 2014, was up by 19 per cent to N258.9 billion, while net interest income stool at N18.5 billion.

Commenting on the results, the Managing Director/Chief Executive Officer, Wema Bank, Mr. Segun Oloketuyi said: “It gives me great pleasure to report that Wema Bank continues to record year-on-year improvement in its financial performance. The bank has improved significantly on its profitability and customer base despite shrinking margins and intense competition. The progress recorded is a result of the continued execution of our three-year growth strategy – Project LEAP.”

Specifically for the 2014 financial year, the bank’s profit before tax climbed from N1.9 billion in 2013 to N3.09 billion in 2014 on the same capital base. This, it stated was an indication of improved efficiency and better utilisation of its resources.

The bank said it recorded a 19 per cent growth in customer deposit volumes largely from its commercial and retail segments of the market in spite of the tightened liquidity regime exacerbated by the hike in cash reserve requirement.
“Our loans and advances to customers increased by 51 per cent guided by a strong risk management structure, which is evidenced by the level of non-performing loans at 2.49 per cent.

[ThisDay]

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