Wema Bank has declared a 58.8 percent growth in Profit; on a Total Asset growth of 15.6 percent for the financial year ended 31 December 2014.
The bank made this known when it released its full year 2014 (FY2014) results on the floor of the Nigerian Stock Exchange.
Segun Oloketuyi, Managing Director/CEO of the bank while commenting on the result said the bank has continued to record year-on-year improvement in its financial performance.
The CEO said the Bank has improved significantly on its profitability and customer base despite shrinking margins and intense competition, attributing the progress to successful execution of its three-year growth strategy Project LEAP.
According to the result, the Bank recorded a growth in Profit before Tax of 58.8 percent from N1.9 billion in 2013 to N3.09 billion in 2014 on the same capital base, an indication of improved efficiency and better utilization of resources.
The Bank also recorded a 19 percent growth in customer deposit volumes largely from the Commercial and Retail segments of the market in spite of the tightened liquidity regime exacerbated by the hike in cash reserve requirement.
The CEO said, “Our loans and advances to customers increased by 51% guided by a strong Risk Management structure, which is evidenced by the level of non-performing loans at 2.49%.
Wema Bank has become a stronger, more efficient, resilient and customer-focused organization with a robust risk and governance structure.
The Bank has realigned its business focus to concentrate on its key area of strength – Retail Banking. We have used technology to our advantage, deploying in-branch solutions, mobile and internet applications and other social media tools to drive customer patronage and to reduce our cost to serve.
We have continued to contain our operating expenses despite the increased inflationary environment while at the same time there was significant improvement in our fee-based income lines.
Continuing, he said “as we turn 70 as the premier indigenous bank in Nigeria, we are glad to unveil a “NEW” Wema Bank that responds faster and better to customers’ needs whilst adapting more quickly to the ever-changing dynamics of the industry.
The differentiating factor of the New Wema Bank is our agility in responding to our constantly changing business environment; our firm commitment to being the bank of choice; our relentless determination to continue to raise the standards of customer service; whilst ensuring that we consistently deliver superior returns to all stakeholders.
We are focused on stepping further to becoming one of the most efficient mid-tier banks in Nigeria in no distant future. We are confident that we will sustain the momentum and improve on our profitability and volume growth in 2015”.