Wema Bank posts PBT of N590m in 1Q

Wema Bank Plc continues to show positive growth with a profit before-tax of N590 million in at the end first quarter  2014. This improvement in earnings reinforces the bank’s growth potential and the efficacy of its medium-term strategic transformation plan, Project LEAP, which saw the bank return to full profitability in December, 2013 and gain further market share.

Commenting on the result, Chief Financial Officer of WEMA Bank Plc, Tunde Mabawonku,  said, “backed by a resurgent franchise, our loyal stakeholders and a commitment to strong corporate governance and risk management frameworks, 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.

Our strategic transformation plan, Project Leap, aims to transform our position from a regional banking industry player to a prominent retail bank with national authorization. The goal is to expand organically and establish our presence in areas that have significant growth potential. Project Leap is expected to run until December 2015 and covers all areas of the bank’s operations, with particular focus on improving efficiency, growing market share, improving our footprint, increasing the capital position, re-engineering our workforce and repositioning the WEMA Bank brand.

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