Wema Bank Grows Gross Earnings by 18%

wema bank
  • 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.

“Overall, the bank continued to benefit from its improving brand acceptance and market penetration. This flowed through to the bottom-line with profit after tax being 14.10 per cent higher at N2.59bn compared to N2.27bn in 2015.”

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.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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