Stories by Amaka Ifeakandu
Lagos
The managing director of Wema Bank Plc, Mr. Segun Oloketuyi, said the bank has bounced back into profitability despite the challenges it experienced in the past.
The bank returned to profitability at the end of second quarter which ended June 30, 2013 and it has continued to grow its profit quarterly. The Bank had 2012 financial year recorded a loss of N4.9 billion due to additional impairment charges on bad loans it incurred within the period.
Addressing stockbrokers at the Nigerian Stock Exchange (NSE) during bell ringing as part of activities to celebrate the 70th Anniversary of the bank, Oloketuyi said that Wema Bank was able to raise funds for its operation through public offering and right issue.
Speaking further he said “In four years the bank had embarked on two fund raising offer and got all the support we needed from NSE. It is a journey full of experience, the good times and odd times which had equipped the bank to move forward and compete in the industry.”
He said the bank was listed on the NSE in 1991 and it has comes with a lot of benefit.
He had earlier said that the bank is seeking a national banking licence from apex bank. According to him “the bank has applied to the Central Bank for a national licence and we are following up to fulfill all necessary conditions for the final approval. We hope to conclude the process this year.
Speaking on first quarter result of the bank, he said “we are on course with our projection, given the political environment that 2015 will be, this was a major consideration in coming up with our numbers. We did over N615 million in profits before tax which was in line with our target. For the rest of the year we expect business to go up and we will take advantage of that to meet our expectation for the year.”
He noted that the bank went through a turbulent period in its history, most institution will do that with age, but the bank was able to weather it out, saying, “we are out of the wood, we can now look up for better days to come and for shareholders who had stayed with us through thick and thin, the best is yet to come.”
According to him, Wema Bank Plc is set to complete a $100 million Tier II capital raising exercise during the second quarter of this year to grow its capital base.
Established in 1945, Wema Bank, Nigeria’s oldest surviving indigenous bank.
