Wema Bank Posts Strong Double Digit Profit Growth in Q1
By Modupe Gbadeyanka
The unaudited first quarter of 2017 financial results recently released by Wema Bank Plc has shown that the company is starting off the year on a very strong momentum.
In the result showed that the lender recorded 68 percent growth in its Profit After Tax (PAT) at N720 million largely driven by a 27.69 percent and 78.79 percent in interest and non-interest income.
Also, the banks’ Profit Before Tax (PAT) stood at N850 million as at March 31, 2017, in contrast to N510 million in the corresponding period of 2016.
Furthermore, its gross earnings improved by 34.89 percent in the period under review, moving from N11.24 billion to N15.16 billion.
Similarly, customer deposits (Savings & Current) improved 38.12 percent and 24.52 percent (Y-o-y) to N55.36 billion and N78.45 billion respectively, due to increasing market share and brand acceptance.
Commenting on the results, the MD/CEO of Wema Bank, Mr Segun Oloketuyi, stated that despite the continued challenging macro-economic backdrop, Wema Bank continues to benefit from the growing market acceptance and increasing market penetration while leveraging on technology.
As a result, he stressed, the bank continues to record growth in low cost deposits.
“To further strengthen our presence in the retail space, the bank will launch Nigeria’s 1st Digital Bank named ALAT on May 2, 2017.”
He assured that ALAT will “disrupt the banking landscape and is driven by three pillars – Convenience, Simplicity and Reliability.”
“During the quarter, the Bank had its National Long Term Rating affirmed at (BBB-) by Global Credit Rating (GCR), a leading credit rating and research company. We believe this is a testament to our continued commitment to best risk management practices while taking advantage of opportunities, inspite of the challenging economic environment.
“In 2017, we continue to re-affirm our strategy – Project LEAP, through the conscious growth of the brand, the continued streamlining of our processes, the deployment of alternate platforms and strategic alliances.”