Wema Bank completes N40bn recapitalisation exercise

WEMA Bank .... on fire

The bank’s boss also said the bank has returned to profitability.

The Managing Director, Wema Bank Plc, Segun Oloketuyi, said on Friday the bank had successful completed its N40 billion capital raising exercise.

Mr. Oloketuyi said in a statement made available to the News Agency of Nigeria (NAN) in Lagos that the N40billion capital inflow was successfully realised from a mixture of private and institutional investors.

He said that the recapitalization exercise was currently awaiting final approval by the regulators.

The managing director said that the capital raising would further bolster the bank’s return to profitability and top performance in 2013 financial year.

Oloketuyi said, “Wema Bank has returned to profitability and with the new capital inflow, the bank is expected to meet its 2013 performance targets.’’

He said that in spite of the capital constraints experienced in 2012, Wema Bank was able to record considerable growth in total deposits and net interest income.

The managing director said that the bank would capitalise on existing business relationships to generate impressive growth in fees and commission income in the years ahead. The bank’s results indicated 18.3 per cent increase in total deposits to ₦174.3billion in 2012, up from N147.4 billion recorded in 2011.

The bank’s statement of comprehensive income showed that net interest income grew by 17.6 per cent to N11.8 billion in 2012 against N10.01 billion declared in 2011.

The bank’s net fees and commission income appreciated by 63.6 per cent to ₦4.76 billion in 2012, up from ₦2.911 billion recorded in 2011.

(NAN)



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