Wema
Bank, has announced its audited results for the financial year ended December
31, 2012 and also, its half year unaudited results for the period ended June
30, 2013.
The results show an
18.3% increase in total deposits to ₦174.3billion in 2012
and a return to profitability in its 2013 half year results.
The bank also
announced the successful completion of its N40billion capital raising exercise
which commenced earlier in the year.
It said, the ₦40billion
capital inflow was successfully realised from a mixture of private and
institutional investors and is currently awaiting final approval by regulators.
Segun Oloketuyi, the
bank’s CEO, said that he was pleased with the bank’s performance and return to
profitability as at June, 2013.
He also said that
despite the capital constraints experienced in 2012, the bank was able to
record considerable growth in total deposits and Net Interest Income, while
capitalizing on existing business relationships to generate impressive growth
in Fees and Commission Income.
While Wema Bank
closed with a loss position in 2012 due to additional impairment charges on
legacy loans, the books are now clean and its Non-Performing Loans ratio had
dropped to 3.39% by June 30, 2013.
The bank’s Statement
of Financial Position shows Total Assets up 11.10% to ₦245.70billion
in 2012 from ₦221.16billion in 2011. 18.26% increase
in Deposits to ₦174.30billion in 2012 from ₦147.39billion
in 2011.
Its Statement of
Comprehensive Income shows Net Interest Income grew by 17.57% to ₦11.77billion
in 2012 from ₦10.01billion in 2011. Net Fee and
Commission Income was ₦4.76billion in 2012, an increase of
63.57% from ₦2.911billion in 2011.
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