SHAREHOLDERS of Wema Bank Plc have been assured of sustainable growth through innovations that would engender returns for investment.
Managing Director and Chief Executive Officer of the Bank, Mr Segun Oloketuyi, shared the management’s optimism at the Bank’s its Annual General Meeting (AGM) during which the financial report for the year ending December 31, 2017, was presented to shareholders.
According to him, the company would shortly renew commitment to dividend payment as the company is well on track in its commitment to its attained growth phase, which is the final stage of its restructuring process that started in 2009.
He noted that the bank, which launched ALAT, Africa’s first fully digital bank, confirmed the growth of its gross earnings by 20.07 percent, from N54.36 billion in FY2016 to N65.27 billion in FY2017.
According to the CEO, the growth was supported by the launch of ALAT Nigeria’s first fully digital Bank, enhancing Wema Bank’s already existing alternate platforms which recorded a combined growth rate of 205.67 percent in transactions executed and with an estimated 30,000 accounts opened monthly.
He commended the shareholders for their understanding over the years and for seeing the bank through the first two restructuring phases of the bank. “I would like to appreciate our esteemed shareholders for their patience and the trust reposed in us. We are now in the final stage of our three-pronged strategy; stabilise the bank (2009 – 2012), reposition the bank (2013-2017) and grow the Bank (2017 and beyond),” he said.
Commenting on the financial year 2017 results, Mr Oloketuyi provided further insights into the performance of the Bank during the period. Despite the slow start to the year, 2017 recorded significant progress, highlighted by the introduction of the Investor & Exporters (I&E) window and recovery in oil prices, he noted.
On his part, the Chief Finance Officer, Tunde Mabawonku noted that the Bank’s earnings from non-interest income remained strong, growing by 24.44 percent from N9.80 billion in 2016 to N12.19 billion in 2017; surpassing it’s 2017 guidance of a 19 percent growth rate.
The Bank closed with a Profit before Tax of N3.01 billion (2016; N3.24 billion), despite reporting an increase in impairment charges which rose from N0.42 billion in 2016 to 2.18 billion in 2017.
According to him, “Risk management remains at the core of our operations, as we leverage on our prudent risk management practices and reported a Non-Performing Loan (NPL) ratio of 3.52 percent (2016; 5.01 percent) while our Capital Adequacy Ratio (CAR), closed at 14.32 percent (2016; 11.07 percent). We remain confident, that the Bank’s credit rating will continue to remain affirmed at investment grade level,” he said.
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