Wema Bank plc recorded 68 percent profit after tax in its unaudited first quarter 2017 financial results driven by a 27.69 percent and 78.79 percent in interest and non-interest income.
Despite the continued challenging macro-economic backdrop, Wema Bank recorded a 34.89 percent increase in Gross Earnings, rising from N11.24 billion in first quarter 2016 to N15.16 billion in the first quarter 2017.
This was driven by a 27.69 percent and 78.79 percent growth in interest income and non-interest income to N12.33 billion and N2.83 billion respectively compared to the prior year. In addition, the Bank continues to benefit from the growing market acceptance and increasing market penetration while leveraging on technology. As a result, the Bank continues to record growth in low cost deposits with a 68.06 percent increase in Profit before Tax (PBT).
Commenting on the results, Segun Oloketuyi, managing director/ chief executive officer provided further insights into the performance of the Bank in the period.
“To further strengthen our presence in the retail space, the Bank will launch Nigeria’s 1st Digital Bank named ALAT on May 2nd 2017. ALAT is expected to disrupt the banking landscape and is driven by three pillars – Convenience, Simplicity and Reliability”, Oloketuyi said.
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”, he added.
HOPE MOSES-ASHIKE
