Wema Bank on Thursday announced improved half year unaudited result, pledging to sustain its current growth to the benefit of its customers.
This was contained in a statement by Segun Oloketuyi, the bank’s Managing Director and Chief Executive Officer, and made available to newsmen in Lagos.
Oloketuyi was quoted as saying although the bank’s gross earnings for the half year grew by 16.4 per cent, it would continue to explore areas that would further grow the bank.
According to the report, which covered the bank’s operations from January to June 30, gross earnings increased by 16.4 per cent to N24.3 billion from N20.9 billion in corresponding period in 2015.
Its profit before tax rose to N1.29 billion from N1.17 billion, an increase of 10.62 per cent.
The bank’s total deposit improved by 11 per cent from N237.43 billion in the corresponding period in 2015 to N277.87 billion in H1 2016.
Its interest income grew by 15.2 per cent from N17.5 billion in 2015 to N20.2 billion in 2016.
Fees and commission income improved significantly by 42.3 per cent from N2.2 billion to N3.1 billion in 2016.
Oloketuyi said the achievements in the half year report were modest because the 2016 financial year had decelerated a number of economic indicators.
He said the growth in non-interest revenues was driven by the bank’s ongoing initiative to enlarge its footprint in the retail space, while keeping customers at the heart of operations.
He said: “We believe that this is where we will continue to win in the marketplace.
“We have increased our loan to deposit ratio from 65.1 per cent in December 2015 to 67.5 per cent as at June 2016.
“Our emphasis on selective risk creation ensured we kept our Non-Performing Loans ratio below three per cent, which is significantly lower than the industry average.
“We expect that this risk underwriting discipline should continue to serve as a foundation for us to deliver consistent satisfactory results to our stakeholders in the second half of the year.”
Oloketuyi said the bank would begin the second half of the year with cautious optimism by growing its retail base and engaging its customers through mobile and alternative platforms.
Wema Bank, Nigeria’s longest surviving indigenous bank, was established in 1945.