Wema Bank Holds AGM Today in Lagos

By Dipo Olowookere

One of the old generation banks in Nigeria, Wema Bank Plc, will hold its Annual General Meeting (AGM) today, Wednesday, May 09, 2018.

The meeting, Business Post gathered, is slated to take place at the popular and prestigious Civic Centre in Lagos by 11am.

In its 2017 financial statements released last month, the mid-tier lender grew its gross earnings by 20.07 percent to N65.27 billion from N54.36 billion, while the profit before tax by 7.38 percent to N3.01 billion in the period under review from N3.25 billion in the previous year.

Also, the profit after tax went down by 11.72 percent to N2.26 billion from N2.56 billion.

Furthermore, the financial institution’s total assets depreciated by 8.46 percent to N388.15 billion last year from N424.04 billion two years ago.

In addition, customers’ deposits declined by 10.18 percent to N254.46 billion in 2017 from N283.30 billion in 2016.

However, shareholders’ funds increased in 2017 by 2.31 percent to N49.62 billion from N48.50 billion in 2016.

During the year under review, Wema Bank’s loan to deposit ratio was 84.82 percent from 70.86 percent as at December 2016, while the Non-Performing Loans (NPL) Ratio closed at 3.52 percent in 2017 versus 5.07 percent as at December 2016.

Also, the NPL Coverage Ratio was 136.98 percent as at December 31, 2017 compared with 100 percent as at December 2016, while the Capital Adequacy Ratio (CAR) stood at 14.32 percent in the period under review.