- Wema Bank Grows Gross Earnings by 18%
Wema Bank Plc has reported an increase of 18.48 per cent in its gross earnings to N54.25bn for the financial year 2016.
The Managing Director/Chief Executive Officer of the company, Mr. Segun Oloketuyi, said 2016 was a challenging year given the spate of economic headwinds that impacted the economy and the banking industry, in particular.
In a statement on Monday, the CEO was quoted as saying, “Despite the tough operating environment, Wema Bank recorded a double-digit growth in gross earnings, which rose 18.48 per cent from N45.79bn to N54.25bn driven by an 18.61 per cent and 13.61 per cent increase in interest and non-interest income respectively.
Oloketuyi further noted that the lender was not immune from the impact of the economic slowdown and a more prudent approach was taken, in providing for some loans.
The lender, he said, closed the year with a non-performing loan ratio of 5.07 per cent from 2.67 per cent in the prior year.