Tuesday, April 9, 2019 08:40 PM / Proshare
Wema Bank Plc held its FY 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals.
The management of the bank during the overview of its operating environment within the period under review stated that the global and domestic environment faced significant strain as trade tensions, chaotic Brexit and slow growth in China as the effects of US trade tariffs set in affected the global environment while the domestic economy was slow in the 1st & 2nd quarter but picked up in H2 2018.
Despite the underlying constraints reflected in policy decisions, as stated, the Bank remained on course with the implementation of its growth strategy.
Wema Bank Plc recorded a gross earnings of N71.53bn in FY 2018 as against N65.27bn in FY 2017, up by +9.60% YoY while the bank’s Profit After Tax increased by +47.34% YoY from N2.26bn in FY 2017 to N3.33bn in FY 2018.
Table – 2018FY Audited Results
The bank’s balance sheet/statements of financial position reflected that it recorded growths in Loans and advances and customer deposits respectively. Its CASA grew by 32%:-Savings Deposit grew by 26% (y/y) to N62.9billion (N49.8billion in FY 2017) Current account balances also grew by 36.07% (y/y) to N102billion (N74billion in 2017)
At the close of trading today, the share price of Wema Bank Plc closed flat at N0.69k.
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Graph– One Year Share Price Movement
In a nutshell, below are the key takeaways from the FY 2018 earnings presentation made by the bank’s management team;
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