Friday, August 04, 2017 7.00pm/Proshare WebTV
Wema Bank Nigeria’s longest surviving and resilient indigenous bank, is focusing on leading service delivery and driving the retail market through technology, in the second half of 2017 and beyond.
The Chief Financial Officer of the bank Mr. Tunde Mabawonku disclosed this at the 2017 media parley with financial journalists, in the country to discuss the H1 2017 financial report, strategies of the bank, innovation technology drive and the outlook.
Mr. Mabawonku said through the launch of Alat.ng the first fully integrated end-to-end digital bank in Nigeria, Wema Bank has been aggressive in its target of opening 1,000 accounts per day.
Currently according to him, the bank has opened close to 57,000 accounts, pushing financial inclusion in the country.
On the H1 2017 financials Mr Mabawonku highlighted the fact that Wema Bank recorded 4.9% Non-performing loan NPL status and a 12.7% Capital Adequacy Ratio, which are both within the regulatory requirement for the banks in Nigeria.
In the area of earnings, the bank achieved 25.1% gross earnings growth from N24.26bl in 2016 to N30.37bl in H1,2017, 25.54% growth in interest income which translated to N25.37bl and a 21.92% rise in net interest income.
The CFO asserted that with the focus on excellence, expertise and efficiency, Wema Bank is currently ranked 8th by KPMG, from the 19th position in 2015 in the banking service delivery survey.
Looking at the plans for expanding its branch networks, Mabawonku noted that Wema Bank is exploring area with great business opportunities, with a spread of 3 branches already opened in the North, and expansion plan 2 other branches in North-Central and 1 in the East.
In terms of its capital raising plan, he hinted that the bank was targeting Q3, 2017 for its second tranche bond issuance, even as he admitted the bank is monitoring the interest rate regime in the country.
Despite the challenging economic environment the Wema Bank management is optimistic of the bank’s outlook, due to the consistency and stability in earnings.