Wema Bank defaults in filling audited 2017 results to NSE

Tier two financial institution, Wema Bank Plc has disclosed that failed to filed its 2017 audited financial statement for the year ended 31st December 2017, to the Nigerian Stock Exchange (NSE), citing non-obtaination of necessary approvals as reason for the delay.

In a statement of notice published on the NSE’s website, signed by the bank’s Chief Financial Officer Tunde Mabawonku, it explained that arose from need to obtain approval before going ahead to publish its 12-months accounts and financial statements.

But a reliable market spource said the bank only gave the reason of awaiting for the obtaination of necessary approval before before publishing its results, but the real reason is that it is shopping for more funds to shore-up its capital base from investors

The statement reads in part “This is to notify our esteemed shareholders and other stakeholders about the delay in the filing of Wema Bank’s The delay arose from the need to obtain necessary approval before going ahead to publish our 12-months Accounts and Financial Statements.We expect to have our results released before the end of April 2018.”

Although, the bank recorded some impressive performances in the year, as gross earnings in 2016 grew by 17.56 per cent from ₦45.79 billion in 2015 to ₦53.83 billion, Profit before Tax (PBT) and Profit after Tax (PAT) increased by 9.36 per cent and 13.66 per cent respectively to ₦3.27 billion and ₦2.59 billion against ₦2.99 billion
and ₦2.27 billion in 2015.

Total Assets in the period rose to ₦421 billion representing a 6% increase over the ₦397 billion recorded in the corresponding period of 2015 as loans to customers rose by 23% to close the 2016 year at ₦228 billion from ₦186 billion recorded in 2015. However, the bank incurred the sanction of the Central Bank of Nigeria (CBN), during the period which resulted in a total sum of ₦32 million penalty being slammed on the bank for a number of contraventions by the apex bank.

The bank was fined ₦30 million by the CBN, for breach of anti-money laundary and financial crime examination from October 2014 to May 2015, as well as earning a fine of ₦2 million as penalty for breach of rendition of daily returns from July to August 2016, among others.

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