Despite the challenging macro-environment, Wema Bank delivered modest improvement at the end of the 2018 FY. The bank is also recommending to its shareholders a dividend payment for the first time in 14 years. The bank recommends a dividend of 3 kobo per share in line with the Board-approved dividend policy.
The group recorded gross earnings of N71.53 billion, a 9.6 percent increase over the 2017 figure; profit before tax (PBT) of N4.8 billion which represents a 59 percent growth over the N3.01 billion reported in 2017, and profit after tax (PAT) of N3.33 billion (N2.26 billion in FY 2017).
This growth resulted from an 8.59 percent increase in interest income and a 13.95 percent increase in non-interest income.
The bank continues to improve on its deposit mobilisation while at the same time working down its cost of funds.
ALAT (Nigeria’s first fully digital bank) launched in May 2017 has improved the bank’s retail liabilities and customer base; the bank now onboards over 1,000 new customers daily on the digital platform and continues to grow its partnership profiles.
The digital bank continued to receive several accolades in 2018, including the World Finance Awards for Most Innovative Bank Africa and the Asian Banker Awards for Best Digital Bank Africa.
“Our vision is to get ALAT to become the premier digital platform in Nigeria. This will be driven by our expertise in the digital space and our retail partnerships,” said Ademola Adebise, Wema Bank managing director/CEO.
The bank recorded other notable achievements during the year. It successfully raised Tier-2 capital of N17 billion and retained its investment grade ratings from Fitch, GCR and Agusto.
Established in 1945, Wema Bank is Nigeria’s longest-surviving indigenous bank. Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory to its numerous customers.
In 2009, the bank initiated a strategic repositioning exercise which culminated in a decision to operate as a commercial bank with regional authorisation in South-South Nigeria, South-West Nigeria, Lagos and Abuja in 2011.Pursuant to meeting the Central Bank of Nigeria requirements, the bank was granted a banking licence with national authorisation in 2015.
Wema Bank operates a network of over 150 branches and service stations backed by a robust ICT platform across Nigeria.
ENDURANCE OKAFOR
