WEMABANK Reports 3% YoY Growth In Gross Earnings in Q3 2015

Proshare

Friday, October 30, 2015 01:12PM / Press Release/ Wema Bank Plc

Wema Bank Plc announces its Unaudited 2015 Third Quarter Financial Results. Gross Earnings recorded a slight growth of 3% to close at N32.57 billion.
Highlights of the result:

  •          Gross Earnings: N32.57 billion, up from N31.65 billion in 2014 Q3 (3% Y-o-Y growth);
  •          Interest Income on Loans & Advances: N26.58 billion, compared to N26.13 billion in 2014 Q3 (2% Y-o-Y growth);
  •          Profit Before Tax: N1.53 billion, down from N2.51 billion recorded in 2014 Q3;
  •          Non-Performing Loan ratio: 2.6%, compared to 2.5% recorded in 2014 Q3

In discussing the results, Segun Oloketuyi, the Managing Director/CEO of Wema Bank PLC, said;
“During the period up to Q3 2015, the challenging macro-economic headwinds which pervaded the business environment no doubt took its toll on performance. Though we were able to grow top-line earnings by 3% compared to Q3 2014, our margins reduced slightly as a result of the additional liquidity demands placed on the industry by the restrictive monetary policies of the regulator.

The slowdown within the Retail segment due to decline in disposable income especially among the middle class customers also affected our ability to continue to intermediate in that segment of our business.

Despite the restrictive policies, we were able to maintain the core of our Deposit volumes after adjustment for Treasury Single Account (TSA) payment. Deposit volumes closed at N221 billion with cost of funds about 5%.

Looking forward to the rest of the year, we are cautiously optimistic that there will be more clarity on the economic direction of the new Government and believe that economic policies will be focused on stimulating growth in critical sectors. With the anticipated improved economic climate, we should be in a better position to deliver improved performance in the coming months.”

Other Notable developments

  • Wema Bank Plc is the first bank in Nigeria to receive the latest PCIDSS certification which supports processes and protects cardholder data.

 

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