- GCR Ratings Affirms Wema Bank Rating
Global Credit Rating (GCR), a credit ratings and research firm has affirmed Wema Bank’s National Long term rating at (BBB-)
This rating, according to the bank, came despite the challenging macro-economic environment owing to the low and volatile oil prices, resulting in a more restrictive foreign exchange management policy and subdued economic environment.
Speaking on the affirmation by GCR, the management of Wema Bank highlighted the increasing market penetration, continued brand acceptance and the resilience of the bank as the enablers for the rating.
Furthermore, while maintaining their resolve to ensuring continued earnings growth highlighted by continued improvements and gains recorded by the bank, they noted the 17.56 per cent and 14.02 per cent growth in gross earnings and net earnings to N44.45 billion and N2.59 billion respectively in full year 2016.
As a forward looking financial institution, Wema Bank stated that it would continue to take the necessary steps to remain innovative, nimble and adaptive to the challenging economic environment with the intended launch of ALAT (the first full digital banking platform in Nigeria) in May 2017.
“Risk management, alongside balance sheet optimisation remains at the core of the Bank’s business model. This is reflective in both the bank’s non-performing loans (NPLs) for 2016 which was reported at 5.07 per cent, as against the industry average of 14 per cent as at December 2016,” it added.