half year 2019 presentation to investors & analysts€¦ · presentation to analyst &...

1P r e s e n t a t i on t o A na l y s t & I nve s t o r s - H a l f Ye a r 2019

PRESENTATION TO INVESTORS & ANALYSTS

HALF YEAR 2019

www.wemabank.com


• The Operating Environment

• Overview of the Bank

• H1 2019 Performance Review

• Outlook and Strategy

• Appendix

Content

www.wemabank.com


OPERATINGENVIRONMENT

www.wemabank.com


Global & domestic economies faced significant strain in the first half of the year...

Global Environment

• Trade tensions roiled the global

economy, spilling over to

emerging economies as FDI

and FPI fled. The rout also

impacted commodities

producing nations as demand

slowed.

• A chaotic Brexit affected the

outlook for the EU as the Pound

lost luster, and firms moved out

of London and the United

Kingdom

• China's growth slowed as the

effects of US trade tariffs set in.

Operating Environment

Domestic Environment

• 2019 started with a slight decline in

growth as the Q1 GDP closed at

2.01% from 2.38% recorded in the

preceding quarter (Q4 2018). It was

worthy to note that a growth rate of

6% and above will be required to

push growth.

• Elections and post-election petitions

affected policy making. However with

majority of the petitions now

concluded, formation and subsequent

approvals of cabinet will improve pace

of decision making.

• Inflation started the year in a

continued downward trend from last

year closing the first quarter at

11.25%. Q2 however witnessed a tick

in inflation and a new upward trend

was observed moving from 11.30% to

11.40% in April and May respectively.

This however slowed to 11.22% in

June

Oil Price, Foreign Reserve and

Borrowings

• Oil price started the year with

an upward trend finishing the

first quarter with oil prices at

$68.39. This trend further

continued with the start of the

second quarter recording its

highest value in price at $74.57

in April, however there was a

steady decline as the half year

point approached closing the

period under review at $66.55

• Nigeria's FX reserve was kept

above the $40billion range

during the period under review,

due to improved capital inflows.


Policy Highlights

JAN

JUN FEB

MAR

APR

MAY

• CBN releases the updated list of IMTOs

• Anti-Money Laundering/Combating the Financing of

Terrorism (AML/CFT) Policy and Procedure Manual

released by the CBN

• CBN releases its 5 year policy thrust.

• DMB are directed by the CBN to

implement new cheque standard by

September 1, 2019

• First MPC meeting for the year, rates retained

their status quo from preceding meetings.

• PMI for January stood at 60.1

• Inflation continued its downward trend

ending the month at 11.25%.

• MPC reduces MPR by 50bp (0.5%) to

13.50% alongside all other parameters

• Mr. Godwin Emefiele reappointed as

CBN Governor.

• MPC decision leaves rates unchanged

• Establishes the creative industry

Financing scheme.

• CBN releases Bank Note Fitness Guide.

• CBN releases the framework for the Shared

Agent Network Facility (SANEF)

The policy environment remained largely unchanged- 5 year plan of CBN to commence

Policy highlight reflecting some of the Central Bank’s activities during the year

Comment


OVERVIEW OF

THE BANK

www.wemabank.com


Ownership

Operations

&

Contact Channels

Governance

Total Assets Shareholders

Professional Staff

1,173155 Branches 2.25m

Accounts

359

ATMs

5,682

POS

Board Members 11

Non- Executives 7

Executives: 4

Bbb- (Stable)

Bbb- Stable

Bbb- Stable

Earnings

N40.83bn

27.47%N632bn

ListingsMost Innovative

Bank, AfricaBy World Finance

Over 350,000

Shareholders

44% 56%

Overview of the Bank

www.wemabank.com

2067 Agency

Banking Partners

Sustainability Partnerships


380,000+ Accounts

Opened

Transactions Executed Worth

N175bn6,702,465

Savings Goals

Created

Goal Based

Loans18,335

142,343 Number of Cards

Issued

Average of N16k in

67,720 active ALAT accounts

Average of ~N101k

in 22,309 active goals

Average of ~N1,000

in 302,322 active ALATLite accounts

19 Awardsand counting

96mnWorth of loans

disbursed

$485,169.41+Transaction value

2,063 Virtual Active Cards

19,259 Transactions done

FULL DIGITAL BANK

122,894

FULL DIGITAL BANK

We Have Recorded Success With ALAT


DEVELOPING NEW CAPABILITIES

ALAT for Business OUTLET by ALAT Partnerships

321

We have offered a robust platform for SMEs; Gaming & Entertainment

All of this was underpinned by the refresh of our banking software.

Comment


Empowerment

We launched the female banking proposition – SARA by Wema, targeted at women who want better. The Bank also partnered with the promoters of SHECAN initiative to

empower over 5000 women.

Environmental and

Social Risk

In furtherance of our stance in

embedding sustainability in all our activities, we have enhanced

and automated our E&S platform

Digital Solutions - Hackaholics

After the launch of ALAT, we had Hackaholics which is a hackathon event targeted atdesigning solutions to meet the needs of the society. The winner of the first edition was

Team Easy for developing Easy change.

Non-Financial HighlightsTaking sustainability a step further…


H1 2019 Performance Review

www.wemabank.com


2019 Half Year Financial Highlights

Grew by 27.47% YoY to N40.83billion from

N32.03billion in H1 2018 due to a moderateincrease of 29.54% and 19.58% in InterestIncome and Non-Interest Income respectively.

N40.83bn27.47% YoY

Gross Earnings

YoY to N2.61billion from

N1.82 billion in H12018.

43.64% Profit before

Tax (PBT)

Increased from N13.57bn in

H1 2018 to N16.40bn in H12019, driven by statutoryand employee cost.

20.93%Operating

Expenses

Increased by 20.80% YTD to

N446.09bn from N369.20bn in2018FY, with a deposit mix ofCASA 50% & Term Deposit 50%.

Total Deposit

20.80%

Closed at N280.96bn an increase of

11.41% when compared to 2018FY

11.41% Total Loans

and Advances

Increased by 29.40% to N632.53bn

(N488.80 in 2018 FY)

29.40% Total Assets

www.wemabank.com

Improved performance YoY


H1’2019 H1’2018 2018FY

Gross earnings N40.83bn N32.03bn N71.53bn

PBT N2.61bn N1.81bn N4.80bn

PAT N2.25bn N1.57bn N3.33bn

CAR 14.59% 13.27% 18.01%

EPS 11.6K 8.20k 8.6k

Earnings, Profit,

Capital.

Deposits N446.09bn N354.85bn N369.20bn

Loans (Net) N280.96bn N223.43bn N252.19bn

Interest income N32.89bn N25.39bn N57.63bn

Non-interest income N7.94bn N6.64bn N13.89bn

Cost-to-income 86.03% 88.41% 87.16%

Yield on Asset 16.73% 18.24% 17.75%

Operating expenses N16.40bn N13.57bn N32.58bn

Net interest margin 6.69% 7.24% 7.08%ROAE (annualised) 10.57% 7.39% 9.43%ROAA (annualised) 0.99% 0.81% 1.09%NPL (%) 3.55% 3.31% 4.98%Loan to deposits 62.98% 62.96% 68.31%Coverage ratio (%) 94.01% 91.31% 120.46%Liquidity ratio 34.81% 32.05% 32.05%

Revenue

Generation

Operating

Efficiency

Performance Highlights

Margin & Asset

Quality


2.17 3.09 3.89 3.00 3.75

0.66

0.69

0.523.30

3.65

0.54

0.32

0.59

0.33

0.54

H1'15 H1'16 H1'17 H1'18 H1'19

Net Fees & Commission Net Trading Income Other Income

Earnings Trend

Non-interest Income

Improved performance quarter on quarter

20.8724.26

30.3732.06

40.83

H1'15 H1'16 H1'17 H1'18 H1'19

Interest Income 81%

Non Interest Income 19%

Interest Income 79%

Non Interest Income 21%

0.54 0.34 0.08 0.37 0.85

14.00 17.39

21.45 22.82

28.372.96

2.44

3.84 2.21

3.67

H1'15 H1'16 H1'17 H1'18 H1'19

Cash and Cash Equivalent Loans & Advances Investment Securities

17.5020.16

25.36 25.40

32.89

3.384.10

5.00

6.65

7.94

Gross Earnings (N’bn)

Interest Income (N’bn)

Income Mix (H1’18) Income Mix (H1’19)


Efficiency

Drivers (N’bn)

• Operating expenses increased by 20.93% to N16.41 billion from N13.57billion in H1’2018.

➢ The increase in cost is driven by employee cost and Statutory expenses

➢ We remain focused on managing operating cost to improve cost to income ratio.

Continued Management of Costs despite Inflationary headwinds

13.57

16.41

H1'18 Personnel

expensesDepreciation and

amortizationStatutory & Other

expensesH1'19

1.40

8.38

6.63

4.98 5.18 5.13 5.00 6.63

1.13 1.13 1.15 1.29

1.40

4.98 5.08 5.687.27

8.37

H1'15 H1'16 H1'17 H1'18 H1'19

Personnel Expenses Dep & Amortisation Statutory & Other Expenses

11.1011.39

11.97

13.57

16.41

Operating Expenses (N’bn)

Comments


6.92

6.57 6.61

7.08

6.69

FY'15 FY'16 FY'17 FY'18 H1'19

Comments

Efficiency & Margin Analysis

▪ Net Interest Margin (NIM) dropped from 7.08 % (FY’18) to 6.69% (H1’2019), due to a decline in average yield on earning asset

▪ Yield on Asset dropped to 16.73% from 17.75% in 2018FY

Net Interest Margin (%)

14.50

15.65

17.76 17.75

16.73

FY'15 FY'16 FY'17 FY'18 H1'19

Yield on Assets (%)

Margin Still Dependent on Market Rates


36%

9%

31%

24%

Retail Corporate treasury Commercial

Deposits Analysis

Deposit Type (H1’18)

Deposit Mix (FY 18)

Deposit Growth, Deposit Mix Remains Work in Progress

• Total Deposit increased by 29.09% to N466 billion from N361

billion in FY 2018.

• We are focused on improving the deposit mix in order to

reduce cost of funds

285 283254

369

446

FY'15 FY'16 FY'17 FY'18 H1'19

Deposit Mix (HI 19)

37%

11%

35%

17%

Retail Corporate treasury Commercial

Deposit Type (H1’19)

Customer Deposits (N’bn)

Comments

30%

15%

50%

3%

DEMAND SAVINGS TIME DOM

28%

17%

51%

4%

DEMAND SAVINGS TIME DOM


201.22 221.69 225.47 240.2 258.58

28.2129.6 36.12

35.5831.97

H1 2018 9M 2018 FY 2018 QI 2019 HI 2019

LCY FCY

• Gross loans and advances increased by 11.07% YTD to

N290.55billion.• The growth in the loan book was driven mainly by 3 sectors:

Construction, General Commerce and Manufacturing etc.

• The three (3) sectors account for about 70.6% of the increasein the loan book YTD.

• NPL ratio closed at 3.55% a decline from 4.98% that wasreported in 2018FY, recoveries largely accounted for thereduction in NPL ratio during the period.

Gross Loans and Advances to Customers (N’bn)

Loan Portfolio Analysis

Comment

Total Loans by Segment – 2018 FY Total Loans by Segment – H1 2019

229.43 251.29 261.59275.78 290.55

COMMERCIAL

33%

CORPORATE

51%

PUBLIC

SECTOR

4%

RETAIL

12%COMMERCIAL

35%

CORPORATE

51%

PUBLIC

SECTOR

4%

RETAIL

10%


Loan Portfolio Analysis

▪ The Oil and Gas exposure consist of downstream trading entities and an upstream syndicated loan.

▪ General Sector comprises mainly all the personal loans, religious organizations, NGOs and

logistic companies while “General Commerce’ Sector covers loans to commercial businesses that deal on general goods.

▪ Construction Sector contains loans that are meant for contract-based construction where repayments are obtained from contract payments whereas, Real Estate Sector covers loans for commercial and residential real estate where repayments come from rents, sales and leases

proceeds.4Others include Admin services, human health, ICT, water supply sewage,

Arts, entertainment and recreation, Human health and social networks

Comments

Transportation

and Storage

3% Power and

Energy

Professional,

Scientific &

Technical

Services

5% 6%

Manufacturing5%

Oil & Gas19%

Government4%

General

Commerce

16%

General8%

Finance &

Insurance

1%Education1%

Capital

Market

1%

Agriculture,

Forestry &

Fishing

4%

Construction

16%

Real Estate

Activities

10%

Loan Analysis H12019

SECTORHI 2019

(N'bn)

2018 FY

(N'bn)

Agriculture, Forestry & Fishing 10.93 9.04

Capital Market 3.45 2.42

Construction 45.79 38.45

Education 2.22 1.94

Finance and Insurance 4.33 2.47

General 23.97 17.96

General Commerce 45.86 42.00

Government 12.27 12.08

Manufacturing 13.94 10.7

Oil & Gas 54.26 51.8

Professional, Scientific and Technical 16.24 15.16

Power & Energy 16.26 15.22

Real Estate 28.52 26.47

Transport & Storage 10.07 13.7

Others 2.44 2.18

Total 290.55 261.59

Breakdown of Loans & Advances to Customers: 2018FY Vs. H1 2019


Asset Quality

Low Non-Performing Loans and Adequate Coverage

NPL Portfolio Analysis Net Loans and Loan to Deposit Ratio

H1 2019 (N’mn) 2018 FY (N’mn)

LCY Gross Loans 258,576 225,465

FCY Gross Loans 31,969 36,119

Total 290,545 261,584

LCY NPLs 10,311 12,294

FCY NPLs 0.47 0.39

Total 10,312 12,294

186

227216

252

281

0

50

100

150

200

250

300

FY'15 FY'16 FY'17 FY'18 H1'19

0%

20%

40%

60%

80%

100%

120%

140%

Net Loans LDR

2.67%

5.07%

3.52%

4.98%

3.55%

0%

20%

40%

60%

80%

100%

120%

140%

0%

1%

2%

3%

4%

5%

6%

7%

FY'15 FY'16 FY'17 FY'18 H1'19

NPL Coverage Ratio

SECTORHI 2019

(N'bn)(%)

FY 2018

(N'bn)(%)

Agriculture, Forestry & Fishing 2.74 26.59 3.65 29.65

Capital Market 0.00 0.00 0.00 0.00

Construction 1.37 13.30 0.67 5.26

Education 0.05 0.48 0.11 0.86

Finance and Insurance 0.01 0.10 0.07 0.58

General 2.75 26.71 4.19 34.11

General Commerce 2.64 25.64 2.03 16.51

Government 0.00 0.02 0.00 0.03

Manufacturing 0.50 4.81 0.98 7.97

Oil & Gas 0.07 0.72 0.13 1.07

Professional, Scientific and Technical 0.12 1.09 0.35 2.89

Power & Energy 0.00 0.00 0.00 0.01

Real Estate 0.01 0.10 0.02 0.15

Transport & Storage 0.00 0.00 0.00 0.00

Others 0.05 0.36 0.11 0.89

Total 10.31 100.00 12.29 100.00


Capital Ratio & Funding

Shareholders Funds (N’mn)

Funding Sources

H1’2019

N’m

2018FY

N’m

Share Capital 19,287 19,287

Share Premium 8,698 8,698

Retained Earnings 6,392 5,993

Other Reserves 17,657 16,911

Total Equity 52,035 50,889

The Bank is a commercial bank with national authorization license at 10%.

Capital Adequacy Ratio(N’m)

Total Regulatory Capital

Total Risk Weighted Assets 224,622,413,675

Capital Adequacy Ratio 14.59%

32,766,100,934

46.0

48.5

49.6

50.8

52.0

FY'15 FY'16 FY'17 FY'18 HI'19

Total Equity (N’bn)

Customer Deposit , 71%

Deposit from Banks, 8%

Other borrowed Funds, 8%

Other Liabilities, 5%Shareholders Fund,

8%

Comments:

• Capital Adequacy Ratio at 14.59% is above the regulatory requirement for commercial

banks.

• Total Equity has grown YoY by 2.2% to N52billion


Gross Earnings (N’bn) Customer Deposits (N’bn)

Total Assets (N’bn) Net Loans & Advances (N’bn)

Stable Performance

397421

387

488

632

FY'15 FY'16 FY'17 FY'18 H1'19

186

227216

252

281

FY'15 FY'16 FY'17 FY'18 H1'19

285 283254

369

446

FY'15 FY'16 FY'17 FY'18 H1'19

20.87

24.26

30.3732.06

40.83

H1'15 H1'16 H1'17 H1'18 H1'19


Outlook & Strategy

www.wemabank.com


We see bright spots ahead

Economic Outlook

• 2019 continues to be a challenging year for

global growth. The International Monetary

Fund has downgraded GDP growth rate

projections off the back of the ongoing trade

tensions between the US & China. China had

lowest GDP growth rate in 27 years with 6.2%

last quarter

• Trade Tensions amongst the largest global

economies; the United States & China;

dragging down economic growth across all

emerging markets & developing economies.

• Brexit continues to disrupt the business

climate EU & the UK and all their trading

partners throughout the year. Boris Johnson

to deliver BREXIT with or without a deal.

• GDP growth has trended above 2% for two

straight quarters but the figure is

significantly below the 6% threshold that’s

essential for lifting Nigerians out of poverty

and reducing unemployment..

• Inflation results from April and May trended

up but the figure for June was 11.22%, a

drop from the 11.40% in May. This has good

implications for Monetary Policy

Committee’s interest rates.

• Election tribunals for the Federal & State

elections are now sitting and should wrap up

shortly. The Federal cabinet is not yet in

place which is hampering the execution of

the FG budget.

• The CBN Governor has been appointed to a new

five year tenure. Subsequently a five year policy

plan has been released laying out the policy

thrusts of the apex regulator.

• A number of fundamental policy initiatives have

been introduced including a policy setting the

minimum loan to deposit ratio to 60%

• Foreign exchange liquidity to remain stable in

the short term. We believe the strategic building

of buffers (FX reserve) would mitigate negative

shocks and the regulator will maintain its focu s

on price stability.

• Trading in equities has been two dimensional as

the listing of telco’s like MTN & Airtel lifted the

NSE while the introduction of new banking

restrictions depressed banking shares

Global Economy Domestic Economy Domestic Market

www.wemabank.com


Strategic Thrust (2018-2020)

Driving Growth through Digital Capabilities

25

Overall Aspiration

Our Strategic

Pillars

Key Enablers

Become the Most Innovative Bank

Double Performance leveraging innovation

Innovation Agile Execution Partnerships & Alliances

Drive profitable growth in the

core

Grow market share in Retail & SME

Transform Customer

Experience

Digitize Business and Operations

Build a High Performing

Team

Drive aggressive growth in

corporate and commercial

banking

Grow retail customer base by developing

internal capacity and leveraging technology to deliver value

adding products

Be the Bank of choice in service delivery through

differentiated end-to-end experiences across all customer journeys and touch

points

Optimise the use of

technology to drive efficient

business operations and

processes

Transform organization and

culture to enhance staff

skills, capabilities and attitudes in order to achieve

business objectives

Enhance Capital & Funding

Raise additional tier 1 & 2 capital

to support projected

business growth


Our focus in the short run remains on growth...

Enhance Capital

Profitable growth in core

Grow Market share

in retail & SME

Transform customer

Experience

Grow short & long term funding to support projected business growth. Capital plans being

updated to take cognisance of new CBN policy.

Drive aggressive growth in corporate and commercial banking through short term

transactions and deals.

Grow retail customer base through ALAT & related partnerships.

Continue brand refresh, improve service delivery through better use of technology and a

robust contact centre. Improved service delivery by leveraging on our IT refresh.

Digitize operations Fully automate onboarding & internal approval processes.

Build high

performing team

Continued training & skills development while ensuring improved work environment

Double performance by leveraging innovation


HI 2019 Actual Vs 2019FY Guidance

20.8%

11%

19.6%

6.69%

86.03%

3.55%

10.57%

25%

10%

25%

8%

75-80%

5%

12%

HI 2019 Actual 2019 FY Guidance H2 2019 Guidance

30%**

12.5%**

25%

8%

75-80%

5%

12%

Comment:

**The guidance was improved after H1 2019

45.13%

16.84%

13.95%

7.08%

87.16%

4.98%

9.43%

FY 2018 Actual


Appendix

www.wemabank.com


Statement Of

Profit Or Loss

And Other

Comprehensive

Income

Group Group Bank Bank

30-Jun-19 30-Jun-18 30-Jun-19 30-Jun-18

N'000 N'000 N'000 N'000

Gross Earnings 40,835,294 32,033,960 40,181,576 32,033,317

Interest income 32,892,635 25,395,777 32,238,917 25,395,134

Interest expense (20,995,856) (16,306,130) (20,286,188) (16,306,130)

Net interest income 11,896,779 9,089,647 11,952,729 9,089,004

Net impairment loss on financial assets (823,574) (344,165) (823,574) (344,165)

Net interest income after

impairment charge for credit losses 11,073,205 8,745,482 11,129,155 8,744,839

Net gain on FVTPL investment securities 78,251 118,779 78,251 118,779

Net fee and commission income 3,755,628 3,003,782 3,755,628 3,003,782

Net trading income 3,651,201 3,298,776 3,651,201 3,298,776

Other income 457,579 216,846 457,579 216,846

7,942,659 6,638,183 7,942,659 6,638,183

Operating income 19,015,864 15,383,666 19,071,814 15,383,022

Personnel expenses (6,628,000) (5,003,946) (6,628,000) (5,003,946)

Depreciation and amortization (1,404,314) (1,294,200) (1,404,314) (1,294,200)

Other operating expenses (8,375,560) (7,270,607) (8,375,560) (7,270,607)

Profit before tax 2,607,990 1,814,913 2,663,940 1,814,269

Income tax expense (359,632) (244,926) (368,185) (244,926)

Profit for the year 2,248,359 1,569,987 2,295,755 1,569,343 www.wemabank.com


Statement

of Financial

Position as

at 30th June

2019

Group Group Bank Bank

30-Jun-19 31-Dec-18 30-Jun-19 31-Dec-18

N'000 N'000 N'000 N'000

Cash and cash equivalents 58,944,400 42,122,799 58,944,400 42,122,799

Restricted deposits with CBN 84,741,989 58,054,204 84,741,989 58,054,204

Pledged assets 78,659,183 20,583,433 78,659,183 20,583,433

Loans and advances to customers 280,964,790 252,189,613 280,964,791 252,189,613

Investment securities:

Fair value through other comprehensive income 7,134,406 880,074 7,135,406 881,074

Fair value through profit or loss 29,925,604 11,708,530 29,925,604 11,708,530

Held at amortised cost 42,766,354 59,029,181 31,876,780 48,139,606

Investment property 39,806 40,273 39,806 40,273

Other assets 8,649,554 4,459,906 8,649,554 4,459,906

Property and equipment 19,785,572 18,602,696 19,785,572 18,602,696

Intangible assets 710,790 927,391 710,790 927,391

Deferred tax assets 20,206,217 20,206,217 20,206,217 20,206,217

TOTAL ASSETS 632,528,666 488,804,317 621,640,092 477,915,742

LIABILITIES

Deposits from banks 50,500,000 - 50,500,000 -

Deposits from customers 446,090,528 369,199,768 446,140,610 369,314,164

Current tax liabilities 723,780 429,079 723,780 429,079

Long term liabilities 50,775,008 45,448,718 39,727,315 34,401,024

Other liabilities 32,404,271 22,837,603 32,347,627 22,772,597

TOTAL LIABILITIES 580,493,588 437,915,168 569,439,332 426,916,863

CAPITAL AND RESERVES

Share capital 19,287,233 19,287,233 19,287,233 19,287,233

Share premium 8,698,230 8,698,230 8,698,230 8,698,230

Regulatory risk reserve 3,384,894 3,384,894 3,384,894 3,384,894

Retained earnings 6,392,453 5,992,622 6,558,134 6,102,353

Other reserves 14,272,269 13,526,170 14,272,269 13,526,170

Attributable to equity holders of the bank 52,035,079 50,889,149 52,200,760 50,998,879

TOTAL LIABILITIES AND EQUITY 632,528,666 488,804,317 621,640,092 477,915,742 www.wemabank.com


• This presentation contains or incorporates by reference “forward-looking statements” regarding the belief or current

expectations of Wema Bank Plc, the Directors and other members of its senior management about the Bank’s businesses and

the transactions described in this presentation. Generally, words such as ‘‘could’’, ‘‘will’’, ‘‘expect’’, ‘‘intend’’, ‘‘anticipate’’,

‘‘believe’’, ‘‘plan’’, ‘‘seek’’ or similar expressions identify forward-looking statements.

• These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and

assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the

Bank and are difficult to predict, that may cause actual results to differ materially from any future results or developments

expressed or implied from the forward-looking statements. Such risks and uncertainties include, but are not limited to, regulatory

developments, competitive conditions, technological developments and general economic conditions. The Bank assumes no

responsibility to update any of the forward looking statements contained in this presentation.

• Any forward-looking statement contained in this presentation, based on past or current trends and/or activities of Wema Bank

should not be taken as a representation that such trends or activities will continue in the future. No statement in this presentation

is intended to be a profit forecast or to imply that the earnings of the Bank for the current year or future years will necessarily

match or exceed the historical or published earnings of the Bank. Each forward-looking statement speaks only as of the date of

the particular statement. Wema Bank expressly disclaims any obligation or undertaking to release publicly any updates or

revisions to any forward-looking statements contained herein to reflect any change in Wema Bank’s expectations with regard

thereto or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note RegardingForward Looking Statements

www.wemabank.com


Thank You

Wema Bank plc

54 Marina Lagos

PMB 12862, Lagos, Nigeria

+234 (01) 2778600

www.wemabank.com/investor-relations

www.wemabank.com

half year 2019 presentation to investors & analysts€¦ · presentation to analyst &...

Documents