By Alex C
Wema Bank Plc total assets rose 26 percent from N245 billion to N331 billion in 2013 for the year ended December 31, 2013. A peep into the company’s financials for the year under review shows that while customer deposits of the Bank grew by 25 percent from N174.3 billion in 2012 to N217 billion in 2013, net loans and advances improved by 34 percent from N73.7 billion in 2012 to N98.6 billion in 2013.
The Bank reported an operating income of N20.9 billion for the year ended December 31, 2013, up from N12.5 billion in 2012. Profit Before Tax (PBT) stood at N1.9 billion in 2013 compared with N4.9 billion in 2012 declining by 61%. Also, Profit After Tax (PAT) stood at N1.6 billion in 2013, as against N5 billion in 2012, declining by 68 percent.
Non-performing loan ratio improved from 14.2 per cent in 2012 to 3.9 per cent, just as liquidity ratio stood at 77 per cent for the year ended December 31, 2013, up from 65 percent in 2012. Furthermore, capital adequacy ratio improved from negative 16 percent in 2012 to positive 27 percent in 2013.
Addressing shareholders at the Annual General Meeting (AGM) of the bank in Lagos, Mr. Adeyinka Asekun, Chairman, Wema Bank Plc, disclosed that despite the challenging operating environment in the country, the Bank achieved a significant milestone as it returned to full profitability following concerted efforts in implementing the first phase of the bank’s turnaround project.
He assured stakeholders that the Bank is confident of achieving its growth targets while remaining nimble, efficient and responsive.
Mr. Segun Oloketuyi, Managing Director, Wema Bank Plc, said that the Bank has emerged as a bank to reckon with especially within the retail and small and medium enterprise (SME) business segments According to Oloketuyi, the bank will continue to differentiate itself in the industry by the quality of its service, product offerings and best-in-class alternative channels.
“With the focused and continuous execution of our transformation plan – Project LEAP, we are expanding gradually and efficiently and establishing our presence in areas that have significant growth potential. We have started work on repositioning our brand, re-tooling our workforce and aggressively deploying alternative channels,” he added.