Zenith Bank

BUSINESS AND ECONOMY

Sunday, 19 October 2014 16:42

Wema Bank posts N13.9b net income, N2.5b PBT in Q3

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WEMA Bank Plc has posted net interest income of N13.9 billion in its unaudited financial results for the period ended September 30, 2014.   

This, according to the bank represents 71per cent growth, when compared to N8.1billion achieved in the corresponding period in 2013.

The bank’s operating profit also rose from N15billion in 2013 to N19 billion during the period under review.

   Profit before tax recorded 345 per cent growth, from N0.56billion in 2013 to N2.5 billion in 2014.

   Reacting on the performance, the Managing Director/CEO of the bank, Segun Oloketuyi  said: “While we remain on course in achieving our growth targets as set out by our growth plan, Project LEAP, we are delighted to announce continuous quarter-on-quarter improvement in our financial performance as displayed in our Q3 results. 

   “Our Total Assets are up 6per cent from December 2013 and loans have risen by 29per cent in the same period. Profit before Tax grew by 345per cent compared to the equivalent period in the last financial year and 47per cent in Q3, this year, spurred by a 44per cent growth in Net Interest Income and a 51per cent rise in Fees& Commission Income quarter on quarter respectively.

  “Our operations are also becoming more efficient with cost-to-income ratio down 900 basis points to 86per cent from 95per cent at year-end 2013and a downward trending NPL ratio of 2.5per cent. Return on Equity (ROE) has also improved from 3.9per cent in 2013 to 9per cent this quarter. These achievements, when combined with our growing deposit base illustrate that our turnaround initiatives are indeed yielding results,” he added.

   He explained that the bank opened three new branches in the last quarter, and embarked on a renovation exercise on four of its branch network located in key commercial and retail hubs, “whilst keeping a keen eye on possible opportunities in the market to grow our business inorganically.”

  “ We have obtained our PCI-DSS recertification and continue to improve our technology and electronic payment platforms. We intend to continue to leverage the efficiency gains from Project LEAP, and invest in key areas to achieve superior returns to our shareholders over the next quarter and through to next year”

   As part of the Banks efforts to boost its customer enhancement initiatives during the quarter,  Oloketuyi  added that the bank organised an international trade & structured finance forum, bringing together customers involved in international trade, regulators and other key stakeholders. 

   “With adequate representation from key stakeholders and regulators, we were able to enhance the understanding of the new guidelines issued by the CBN and the Customs Service regarding trade, address customer issues with regulators directly and have positioned ourselves adequately within the system to take advantages of the opportunities that arise”, he said.

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