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WEMA bank announces returns to profitability

By on July 28, 2013

Wema Bank, Friday, announced its audited results for the financial year ended December 31, 2012 and also, its half year unaudited results for the period ended June 30, 2013.

The results show an 18.3% increase in total deposits to ₦174.3billion in 2012 and a return to profitability in its 2013 half year results.
The bank also announced the successful completion of its N40billion capital raising exercise which commenced earlier in the year.
It said, the ₦40billion capital inflow was successfully realised from a mixture of private and institutional investors and is currently awaiting final approval by regulators.
Segun Oloketuyi, the bank’s CEO, said that he was pleased with the bank’s performance and return to profitability as at June, 2013.
He also said that despite the capital constraints experienced in 2012, the bank was able to record considerable growth in total deposits and Net Interest Income, while capitalizing on existing business relationships to generate impressive growth in Fees and Commission Income.
While Wema Bank closed with a loss position in 2012 due to additional impairment charges on legacy loans, the books are now clean and its Non-Performing Loans ratio had dropped to 3.39% by June 30, 2013.
The bank’s Statement of Financial Position shows Total Assets up 11.10% to ₦245.70billion in 2012 from ₦221.16billion in 2011. 18.26% increase in Deposits to ₦174.30billion in 2012 from ₦147.39billion in 2011.
Its Statement of Comprehensive Income shows Net Interest Income grew by 17.57% to ₦11.77billion in 2012 from ₦10.01billion in 2011. Net Fee and Commission Income was ₦4.76billion in 2012, an increase of 63.57% from ₦2.911billion in 2011.
[Nigerian Telegraph]