Wema Bank records 55% increase in gross profit

Wema Bank, Nigeria’s pioneer indigenous bank, has once again demonstrated the strength of its strategic business focus with its latest financial score card indicating an impressive increase in its earnings for the half year ended June 30, 2011.

The unaudited results which were released on the floor of the Nigerian Stock Exchange show a marked improvement from the corresponding period of the previous year with the Bank recording a 58% increase in Gross Profit to N1.889 billion from N1.207 billion recorded as at June 2010. Profit After Tax (PAT) stood at N1.606 billion representing a 60% increase from N1.020 billion recorded in the corresponding period of last year whilst Total Assets also grew from N216 billion to N223 billion.

Coming on the heels of the Bank’s impressive December 2010 financial performance, this recent result sign-posts the success of the Bank’s strategic decision to adopt a commercial banking license with regional scope; which has deepened the bank focus in its niche markets and within the commercial nerve centres of the country.

According to the Managing Director of the bank, Mr. Segun Oloketuyi, the results were largely driven by the resilience and quality of the Bank‚Äôs balance sheet, a rigorous execution of the Bank‚Äôs business plan; in addition to the sustained confidence of the bank’s customers.

He further added that the rejuvenated Wema Bank was poised to further deepen its reach in its niche markets by exploring new areas of opportunities within the scope of its banking license. He was also of the opinion that in line with the successes recorded in the half year results and with the determination and dedication of Wema Bank staff and management, the bank was poised to post better results by the 2011 year-end.

Established in 1945, Wema Bank has grown steadily over 66 years in the Nigerian market with strong footprints in the South West, SouthSouth, Lagos and the Federal Capital Territory, Abuja. Wema Bank operates out of 154 branches supported by a robust ATM network and e-banking solutions.