The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr. Segun Oloketuyi has said the bank begun this year with a renewed focus on its vision to become a leading retail bank in Nigeria.
Speaking against the background of the bank’s 2015 financial performance, Oloketuyi said Wema Bank Plc recorded a 9.5 per cent growth in its gross earnings on the back of improved deposit liabilities and a robust risk management framework as demonstrated by non-performance loan NPL ratio of 2.67 per cent and a less than1.0 per cent cost of risk.
Specifically, Wema Bank recorded gross earnings of N45.9 billion in 2015, up from N42.2 billion. Net interest income stood at N17.7 billion, down from N18.6 billion. However, investment and other income rose by 28 per cent to N8.7 billion, compared with N6.7 billion posted in 2014.
Profit before tax fell marginally by 1.6 per cent to N3.0 billion, from N3.1 billion, while profit after tax fell to N2.3 billion, from N2.3 billion.
“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,”Oloketuyi said.
The MD noted that bank also achieved several significant milestones during the financial year including the granting of a National banking licence by the Central Bank of Nigeria (CBN), authorising physical presence anywhere in the country.
“The bank has, however, started the year with a renewed focus on its strategic aspiration of becoming a leading retail bank in Nigeria. The continued implementation of Project L.E.A.P., the bank’s growth strategy, helped narrow our focus and channeled of all our efforts towards specific opportunities, with great potential and synergistic relationships which we pursued. This strategy, now on its last lap, will again guide the bank’s allocation of resources in 2016,” he said.