Wema Bank posts N590m profit in Q1

Daily Trust - - NEWS - From Kay­ode Ekun­dayo, La­gos

Wema Bank Plc, yes­ter­day, re­leased its first quar­ter fi­nan­cial re­sult, post­ing a Prof­it­Be­fore-Tax (PBT) of N590 mil­lion against a loss of N853.4 mil­lion in March 2013.

The bank, how­ever, recorded a growth in its to­tal as­sets of N322.7 bil­lion, against N330.9 bil­lion in De­cem­ber 2013, loans and ad­vances to cus­tomers of N95.2 bil­lion com­pared to N98.6 bil­lion in De­cem­ber 2013 and cus­tomer de­posits of N206.3 bil­lion against N217.7 bil­lion recorded in the fi­nan­cial year of 2013.

Tunde Maba­wonku, the bank’s chief fi­nan­cial of­fi­cer, at­trib­uted the growth to resurgent fran­chise, the bank’s loyal stake­hold­ers and a com­mit­ment to strong cor­po­rate gov­er­nance and risk man­age­ment frame­works.

He said: “We have con­tin­ued to main­tain our steady growth drive with fo­cus on grow­ing our top line in­come and com­mit­ment to cost re­duc­tion. This has re­sulted in a profit of N590 mil­lion in the pe­riod un­der re­view, hav­ing pre­vi­ously recorded a loss in the first quar­ter of 2013. Our in­come po­si­tion is also im­prov­ing with both in­ter­est and non-in­ter­est in­come jump­ing 60 per cent and 33 per cent year on year. With a cost of funds at 5.3 per cent and a grow­ing net in­ter­est mar­gin of 7.7 per cent, we are main­tain­ing the course of sus­tain­able growth.”

He ex­plained the aim of the bank was to trans­form it­self from the cur­rent re­gional bank­ing in­dus­try player into a prom­i­nent re­tail bank with na­tional au­tho­riza­tion and es­tab­lish its pres­ence in ar­eas that have sig­nif­i­cant growth po­ten­tial.

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