The bank has received a Long Term National rating of “BBB-“ with a stable outlook and a short term rating of A3.
This rating is similar to the previous ratings issued by Agusto & Co and Fitch Ratings. This is on the back of sustained financial performance after a successful turnaround of the Bank.
This investment grade rating will be the basis to continue raising debt from the public, building on the success of its Commercial Paper, issued in the second half of 2015.
In an intensely competitive industry that has been rife with profit warnings and downgrades, Wema Bank reported sustained profitable results, which is a testament to the commitment to creating value for all our stakeholders.
The bank has instituted a strategic plan which is responsible for steering the Bank’s focus to become the leading retail bank on the Nigerian banking landscape. The bank is on course to deliver even better results by the end of 2016. And this is expected to eventually translate to upgrades in its credit ratings.
Having recently received approval for National Authorization, the bank is poised to expand its distinct service offerings to strategically chosen business hubs which will add value to the bottom line.
2015 Financial highlights
Balance Sheet & Income Statement
Total Assets grew by 4% to ₦397 billion (Dec 2014: ₦382 billion)
Total Deposits grew by 10% to ₦285 billion (Dec 2014: ₦259 billion)
Gross Loans & Advances increased by 25% to ₦186 billion (Dec 2014: ₦149 billion)
Gross Earnings were up by 9.5% to N 46 billion (Dec 2014: ₦42 billion)
Profit Before Tax was maintained at ₦3.05 billion (Dec 2014: PBT ₦3.09 billion)
Capital Adequacy Ratio: 15.09%* (18.22% December 2014)
Loan to Deposit Ratio: 65.13% (57.65% December 2014)
Non-Performing Loans ratio: 2.67% (Dec 2014: 2.49%)
Net Interest Margin: 5.9% (5.48% in December 2014)
EPS: 6 kobo (6 kobo as at December 2014)
Return on Equity 5.2% (5.42% December 2014)
For further information, contact Tunde Mabawonku on +234 1 4622632 or Abimbola Agbejule +234 1 4622632
You can also visit www.wemabank.com