FY 2015 Results sults Presentation sentation 1 1 Cauti tionary - - PowerPoint PPT Presentation

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FY 2015 Results sults Presentation sentation We Wema ma Ban ank Plc

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Cauti tionary nary Note Regardin ding Forwar ard d Looking ing Statem tements ents

• 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

• f 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

• nly 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.

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sectio ion page 1 Overvie rview w of Operating ating Envir ironmen

• nment

4 2 Financial Highlights 10 3 Outlook 23

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The Bank k at a t a Gl Glance ce (Dec 2015)

Wema Bank

The Bank is licensed by the CBN as a National Bank

Number r of Accounts nts 1.7 million Number r of Emplo loyee ees 1,080 136 branches 210 ATMs 4,550 PoS Terminals Channe nels ls

Authorized rized capi pital tal

• f ₦20billion

divided into 40 billion ordinary shares

Listin ting

Nigerian Stock Exchange

NSE E Ticke ker: WEMABANK

Nation ional al Coverage age Credit it Rati ting ngs (nga)

Fitch: h: Bbb- Agusto sto & & Co: : Bbb-

Total al Assets

₦397bn

Total al Equit ity

₦46.1bn

Audit itor

• rs

Akintola Williams Deloitte 4

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The followin wing g changes ges in the operatin ing g environmen ment t impacte ted perfo form rmance e in 2015 Global bal develo lopmen ments – US Fed, Brex exit it & & Euro rozon zone, slowd wdown wn in China and extra racti tive ve economi mies es Fiscal l policie ies: State te Bail il-outs, ts, Interven rventi tion schemes, emes, tax policie ies Oil Price e and Exchange ge rate e stabi bili lity ty Regulato latory ry policie ies and impact t on short rt term m growt wth Subdued ed consumer mer dema mand

• Growth in the global economy remains muted;

future interest rate changes will impact growth in both developed and emerging economies.

• The Federal Government has introduced a

number of policies and schemes to stimulate growth and improve the revenue base. We expect such initiatives to continue in 2016.

• The regulator has used a number of means to

regulate FX supply given dwindling FX

• revenues. The outlook for oil prices remains

cautious.

• Regulators

have made changes to the provisioning regime – General Loan Loss Provision for performing loans has been increased from 1% to 2%. The Monetary Policy Rate (MPR) and Credit Reserve Ratio (CRR) have been increased by 100bps and 250bps respectively.

• Rising inflation concerns remain. Increasing

pressure on foreign exchange liquidity has also affected the cost of goods thus, reducing disposable income.

Overv ervie iew of Operati ating Env nvir ironme

• nment

nt

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2015 15 Full-Ye Year Result lts Snaps pshot

• t

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2015 2015 2014 2014 % change ge Comprehensive Income & Profit Trend Gross Earnings N45.9 bn N42.2 bn 9.5 Net Operating Income N26.5 bn N25.2 bn 5.2 Operating Expenses N23.4 bn N22.1 bn 5.9 Profit Before Tax N3.05 bn N3.09 bn

• 1.3

Efficiency & Return Cost-To-Income Ratio 88.5% 87.7% Return on Average Equity 5.2% 5.4% Business Capacity & Asset Quality Ratios Total Loan to Deposit Ratio 65.1% 57.7% Capital Adequacy Ratio 15.1%* 18.2% Non-Performing Loan Ratio 2.7% 2.5%

*Capital adequacy reduced by 200bps due to new CBN reporting template

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Update ates on n 20 2015 15 Co Commit mitme ment nts

OBJECTIV TIVES TASK Growing Business

• Improved Deposit growth during the year despite TSA impact
• (Customer deposit growth of 9.50%)
• Increase lending to productive sectors
• (Year-on-year Loan growth of 25%)
• Grow top line earnings by gradual portfolio shift
• (Year-on-year Interest income growth of 6%)

Capital Raise & Funding

• Improving capital and funding
• The process for Tier 2 Capital (N15-20 billion) has commenced. Expected to

be concluded in Q2 2016

• Consistent repayment of existing Tier 2 capital

Improving efficiency

• Improved operational efficiency through better use of technology
• OpEx growth of 5.9%, below 2015 Inflation average of 9%
• ISO 27001 and 20000 Certifications

Brand Refresh and Network Expansion

• Obtained National License
• Expected to re-open Minna, Lokoja, Aba, Enugu and Kaduna - by H1
• Additional branches being developed in existing commercial hubs
• Opened 10 new branches in South-West and South-South; 5 more under

construction in – Lagos, PH, Abuja Deploy alternative channels

• Continued deployment of alternative channels – POS, ATMs, web and mobile

applications

• ATM deployment increased by 24% to 210;
• POS increased by 35% to 4,550
• Number of active cards increased by 26%

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201 015 Perception Brand refreshed; younger and more vibrant look Banking License Obtained National Banking Authorization Capital N46billion in Shareholders’ funds (up 15% from 2014) Additional Tier 2 expected before end of H1 Market share Improved Market Share (of customer deposits) of >1.5% Processes Increased number of automated processes Improved customer on-boarding process Technology Robust mobile and internet banking platforms NPL 2.67% NPLs Performance Sustained Profitability

The he Bank nk ha has s improve ved

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sectio ion page 1 Overview of Operating Environment 4 2 Fina nanc ncial ial Highl ghlights ights 10 10 3 Outlook 23

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10 Financ nancial al Highl ghlights hts Revenue nue Gene neratio tion Operatio tiona nal Effic ficienc ncy Margins ns & Qual ality ty

Financ ancia ial l High ghli ligh ghts ts

2015 FY 2014 FY Change ge PBT ₦3.0b ₦3.1b PAT ₦2.3b ₦2.4b Capit ital l Adequacy Rati tio 15.1% 18.8% Earni rnings gs per Share 6k 6k Deposit its ₦285b ₦259b Loan book (Net et) ₦185.6b ₦149.3b Interest est Income me ₦37.1b ₦35.5b Non Interest est Income me ₦8.9b ₦6.7b Cost to income me rati tio 88.5% 87.7% Cost of funds 5.7% 5.2% Operati ting g expenses es ₦23.5b ₦22.1b

Net Interest est Marg rgin in 7.2% 8.3% Return rn on Equit ity 7% 7.3% NPLs 2.7% 2.5%

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Earnings nings & Profitabi fitabili lity y Trends ds

• Gross Earni

rnings gs of

• f ₦45

45.86 86bi bill llio ion up up 9.5% in in 2015 2015 (from 2014 2014 - ₦42 42.18 18bi bill llio ion)

• PBT of
• f ₦3.05

05bi bill llio ion in in 2015 2015 down margin ginall lly 0.01 01% compar pared ed to to ₦3.09 09bil illi lion in in 2014 2014

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2011 2012 2013 2014 2015 ₦'milli lion ₦'milli lion ₦'milli lion ₦'milli lion ₦‘million Gross ss ear arnin ings s 22,773.92 30,716.39 35,184.21 42,186.87 45,869.44 2011 2012 2013 2014 2015 Profi fit/(lo /(loss ss) ) befor fore taxat atio ion (3,770.02) (4,942.21) 1,947.31 3,093.94 3,045.53 Profi fit/(lo /(loss ss) ) after taxat atio ion (4,228.93) (5,040.63) 1,596.53 2,372,45 2,327.28 Net Interest st Margin in 6.23% 4.48% 7.01% 8.25% 7.17% Cost st to Inco come Ratio io 129.88% 142.56% 95.15% 87.72% 88.50% Return on averag age equit ity

• 35.73%
• 130.98%

9.13% 7.27% 6.78% Return on averag age asse sets

• 1.78%
• 2.12%

0.68% 0.87% 0.78% 130% 130% 143% 143% 95% 95% 88% 88% 88% 88% 2011 2012 2013 2014 2015

Cost to Income Ratio

10 20 30 40 50 2011 2012 2013 2014 2015

₦'billion

Gross earnings

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Improved proved Revenu enue Base in 2015 015

Interest st Inco come (₦‘billion) Non-Interest Inco come (₦‘billion)

• Intere

rest Incom

• me:

: ₦37.12bn in 2015 up by 5% (2014: ₦35.45bn)

• Non-In

Intere rest Income: : ₦8.24bn in 2015 up by 22% (2014: ₦6.73bn)

• Net Trading

ing Incom

• me incre

reased d by 109% from 2014 to 2015 2015

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Inte tere rest Income come 2015 2015 2014 2014 Cash and cash equivalents 1.09 1.462 Loans and advances to banks and customers 30.28 21.64 Investments securities 5.75 12.35 TOTAL INTER EREST EST INCOME 37.13 35.45

10 20 30 40

Cash and cash equivalents Loans and advances to banks and customers Investments securities

Inter terest st Inco come

2014 2015

2 4 6 8 Non-Inter nteres est Inco come me 2014 2015

Non Inte tere rest t Income come 2015 2015 2014 2014 Retail banking customer fees & commissions 2.53 2.10 Corporate banking customer fees & commission 2.51 2.51 Other fees and charges 0.63 0.61 Net Trading Income 1.78 0.85 Others 0.80 0.66 Total al Non Inte tere rest Income come 8.25 8.25 6.73 6.73

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Interest st Expense se (₦‘billion) Total al Operat ating ing Expense se (₦‘billion)

Int Inter erest est Expen pensesrose by by 14 14.8% bet between een 201 2014 and nd 201 2015 due due to to the he im impa pact of

• f the

he TSA, and nd ha harsh ec econo nomic ic envir ironm nment ent

Operating ing Expense incre reased by 5.9% on the back of branding ding costs and other r genera ral l overhe rheads ds

Contin ntinuou uous Efforts

• rts in Cost-reduction

reduction Strategie egies

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INTER ERES EST T EXPEN ENSE 201 015 201 014 Deposits from banks 0.83 0.62 Deposits from customers 15.12 11.80 Other borrowed funds 3.46 4.48 Total al interest st expense se 19.41 16.90

5 10 15 20 25

2015 2014

₦'bill llio ion

Interest Expense

Deposits from banks Deposits from customers Other borrowed funds

• 2,000

4,000 6,000 8,000 10,000 12,000

Operating Expense

OPERATIN TING EXPENSE 2015 2015 2014 2014 Personnel expenses 9,790 10,033 Depreciation and Amortization 2,250 2,180 AMCON Levy 1,916 1,827 Repairs and Maintenance 1,653 1,325 NDIC Premium 1,053 1,054 Advertising and marketing 1,086 473 Security expenses 532 530 Service charge 526 370 Tax and related expenses 603 325 Transport & Communications 288 356 Other expenses 3,718 3,628 Total l 23,415 22,101

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Liabil ilit itie ies (₦‘billion) Total l Deposit its (₦‘billion) Deposit from customers increased by ₦26bn or 10% between 2014 and 2015. Deposit from Retail and Commercial segment dominated total deposit in both years.

Liabi bili lities ties Struc ucture ture

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2015 2015 2014 2014 Deposit by sectors ₦'Billion ₦'Billion Corporate Banking 39.56 34.33 Treasury 32.08 4.66 Retail Banking 22.33 36.75 Public Sector 8.13 56.63 Commercial Banking 182.85 126.58 Total 284.97 97 258.95 95 50 100 150 200 250 300 2011 2012 2013 2014 2015 ₦'billio ion

Total al Deposi

• sits

ts

Liabil ilit itie ies 2015 2015 2014 2014 Deposits from banks

• 3.24

Deposits from customers 284.98 258,96 Other liabilities 13.33 18.22 Other borrowed funds 52.29 58.38 Total 350.60 60 338.79 79

50 100 150 200 250 300

Deposits from banks Deposits from customers Deriv. financial liabilities Current tax liabilities Other liabilities Other borrowed funds

Liabi abilitie ties Struc uctur ture

2015 2014

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Deposit it Mix Deposit it by Type

• De

Deposi posit li liabil abilit itie ies gre rew by by 9% be betw tween FY FY 2014 2014 and FY 2015 2015.

• De

Deposi posit mix mix aff affecte cted by by TSA pol policy icy; gradu adual al shift ft to to low cost st fundin ing on

• n-go

goin ing.

• Impr

mprove

• ved bran

branch ch ne netw twork

• rk and

and gro growth th in in alte alternativ rnative channe channels ls expe pecte cted to to improve improve cost st of

• f funds

ds.

Depos

• sit

t by Type & Mix x – Sho howi wing g improved roved Retai ail l perform rforman ance

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Term deposit its 44% 44% Current ent deposit its 43% 43% Savings ings 13% 13%

2014 14

Corporat rate Banking ng 13% 13% Treas asury ury 2% 2% Retail il Banking ng 14% 14% Public ic Sector

• r

22% 22% Commerc rcial ial Banking ng 49% 49%

2014 14

Term m Depos

• sit

its 56% 56% Current nt Depos

• sit

its 31% 31% Saving ings 13% 13%

2015 15

2015 FY FY 2014 2014 FY FY ∆

Depos posit it by sectors

• rs

₦‘ billions ₦‘ billions %

Corpora rate Banking ing

32.10 34.33 -6.50

Treasury ury

22.34 4.66 379.40

Retail il Banking ing

39.56 36.75 7.65

Public lic Sector

• r

8.14 56.63 -85.63

Commerc rcia ial l Banking ing

180.85 126.58 42.87

Total

282.99 258.95 9.28

Retail il 14% 14% Corpo porate e 11% 11% Treasur ury 8% 8% Public lic Sector 3% 3% Commer ercia ial 64% 64%

2015 15

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16 Gross

• ss Loans

ans by y Type ype

Loans ns by Type & Category gory

Busin siness Segments 2015 2014 ₦’billion ₦’billion Corporate Banking

56 48

Retail Banking 24 13 Commercial Banking 106 88 Total al 186 149

14% 14% 4% 2% 3% 0% 5% 10% 15% 2011 2012 2013 2014 2015

NPLs

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Corpo porate e Bank nking ing 32% 32% Retail il Bank nking ing 9% 9% Commer ercia ial l Bank nking ing 59% 59%

2014

67 74 99 149 186

• 50

100 150 200 2011 2012 2013 2014 2015

₦'billi lion

Loans ns and Advan ances es

Corpo rporate rate Banki nking ng 30% 30% Retail ail Banki nking ng 13% 13% Comm mmerci rcial Banki nking ng 57% 57%

2015

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Credit it Portf tfol

• lio

io Analy lysis sis

• Total Loans as

as at at 2015 2015 financia ial year end was ₦188 188.02 02bil illi lion; represen esenti ting a 25 25% growt wth from previo ious year

• The Bank has continued

ed to to diversify ersify its its loan an portfo folio.

• Total Oil & Gas exposure (upstr

trea eam, midstr trea eam, m, downstr trea eam, m, servi vices) es) was 17 17%. 17

Real Estate 18% Oil Downstream 13% Automobile 1% General Commerce 9% Construction 9% Personal & Professionals 8% Adevrtising 6% Government 5% Oil Upstream 4% Hotel & Leisure 3% Education 2% Telecoms 2% Agriculture 2% Others 18%

2015 2015

Commercial Property 6% Domestic Trade 12% Hotel & Leisure 4% Oil Downstream - Marketing 5%

Oil Downstream

• Trading

8%

Personal & Professionals 7% Real Estate Construction 6% Capital Market 7% Specialized Construction Activities 6% Other Professionals 6% Power 2% Others 22%

2014 14

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Non Non- Performi

• rming

ng Loans ns

• The NPL vo

volume me wa was N5.02 02 bi bill llio ion; sign ignifica ficant share of

• f this

is rel elates es to to certain ertain le lega gacy lo loans be bein ing work worked out wit with custome mers rs

• The Bank’s remed

edia ial asset ets functio ion is is makin ing effort rts to to reali lise certa tain in colla later erals ls where appli licabl ble. 18

Agric 1% Other Sectors 21% Hotel & Leisure 38% Personal & Professionals 10% General Commerce 8% Automobile 0% Telecoms 4% Oil Downstream 5% Advertising 5% Real Estate Activities 8%

2015 2015

Aluminium and Allied Products13% Domestic Trade 10% Fishing1% Food Processing 1% Hotel & Leisure 26% Oil – Downstream Marketing 3% Other Professionals 4% Professional. Services 5% Power Generation 4% Real Estate Construction 6% Specialized Construction Activities9% Steel Rolling 6% Telecoms 7%

2014

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Risk Management remains at the core of our business model

Impa pact of decli line ne in Gover ernment nment Revenue enue on Credi edit Risk Changin nging g regu egula latory requ quir iremen ements on Risk Measur uremen ement Techn hnolo logy gy rela elated ed risks and d oper eratio iona nal l threa eats Excha hange nge Risk and Trade de Fina nanc nce

• pportunit

nitie ies

• A continuous focus on strengthening the Bank’s footprint in the retail

segment of the market. As the impact of the 2016 budget trickles into the economy, we expect that we will benefit from increased disposable incomes.

• The Central Bank has introduced changes to the Capital Adequacy

computation of banks. This changes mainly affect credit risk mitigation and eligible Tier-1 capital

• The growth in electronic and alternative payments has also created a

new risk space for banks. Additional controls and support framework have been put in place to protect both depositors and the bank in

• particular. We have appointed a Chief Information Security Officer to

provide leadership in this segment.

• Macro-economic headwinds continue to pose risks to trade finance and

non-interest income for the Bank.

• While Oil & Gas, General Commerce and Real Estate Sectors continue to

hold the bulk of the loan book, all sectors remain within the regulatory limits of 20% of total portfolio.

• The inflation rate has continued to inch up steadily with its attendant

impact on interest rates. We continue to position ourselves from the shift in the yield curve.

Manag aging ing Risk sk

Increa easing ing Infla latio ion n Rate and Inter eres est Rate Credi edit Exposur ures to Sticky y Econo nomic ic Sectors

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2011 11 2012 12 2013 13 2014 14 2015 15 Net Interest Margin (%) 6.72 72 6.44 44 7.01 01 8.27 27 7.17 17 Cost of Funds (%) 3.07 07 5.42 42 5.87 87 5.21 21 5.65 65 Loan-to-Deposit Ratio (%) 40.81 .81 42.31 .31 47.02 .02 57.65 .65 65.59 .59 Capital Adequacy Ratio (%)

• 13.50

3.50

• 16.00

6.00 27.00 .00 18.22 .22 15.09 .09 Liquidity Ratio (%) 64.0 .0 64.53 .53 76.61 .61 32.80 .80 33.57 .57 Cost to Income Ratio (%) 140.19 0.19 142.56 2.56 95.15 .15 87.72 .72 88.50 .50 Provisions for Loan Loss (₦'billion) 32.00 .00 10.00 .00 9.10 10 3.98 98 3.79 79 NPL Ratio (%) 52.97 .97 13.83 .83 14.20 .20 2.49 49 2.67 67 Return On Average Equity (%)

• 37.65

7.65

• 133

33.58 .58 9.13 13 7.27 27 6.78 78 Cost of Risk (%) 35.24 .24 8.08 08 5.98 98 2.01 01 1.70 70

Key Performa formanc nce e Metr tric ics

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Year ear-on

• n-Yea

Year r Imp mprove roveme ment nt in Balanc lance e Shee eet Trend nds

12.4% CAGR in Assets, 16% CAGR in Deposits; 31% CAGR in Loans 100 200 300 400 500 2010 2011 2012 2013 2014 2015

Tota tal l Assets ets

Billions

100 150 200 250 300

2010 2011 2012 2013 2014 2015

Tota tal l Depos

• sits

its

Billions

10 20 30 40 50 2010 2011 2012 2013 2014 2015

Tota tal l Equity ity

Billions

50 100 150 200 2010 2011 2012 2013 2014 2015

Loans ns and Advan ances es

Billions

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sectio ion page 1 Overview of Operating Environment 4 2 Financial Highlights 10 3 Outlo tlook 23 23

The Federal Government will embark on an expansionary fiscal policy in order to stimulate the economy as contained in the 2016 budget document. Stabilisation and recovery are expected to characterise the international oil markets in 2016. We expect the on-going geo-political dynamic to continue between OPEC members and non-OPEC members. Foreign income augmentation will be a focal point in 2016 and the non-oil sector is expected to grow significantly. Direct investments are expected in agriculture, infrastructure, solid minerals while clear policy directives will return investment to other areas especially financial services. We expect a slow growth in the first half of the year as the various policy initiatives will take time to materialise. We expect more pressure on interest margins and increased regulatory scrutiny. 2016 2016 Budget et Oil price Divers ersifi ificatio ion

Macro cro-Ou Outl tlook

• ok for

r 2016 2016

23 Growth wth

Out utlook

• ok for

r 2016 2016

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Grow the Franc anchi hise se Imp mprove ve Orga rgani nizat ation

• nal Capab

pability ty

• Significant growth in customer acquisition,

conversion and retention.

• Deployment of small and efficient branches;

Continuous use of alternative platforms.

• Grow
• ur

SME base through further partnerships with funding agencies.

• Continuous

bank-wide learning and development.

• Enhance brand visibility and awareness.
• Cost

containment through improved technology use and process enhancement Enhanc hance Ass sset Qual ality ty and Capit pital al Trans ansform form Serv rvice Delivery ry

• Sustain focus on quality obligors with strong

and sustainable fundamentals in stable growth sectors.

• Improve our capital structure to provide

buffers for growth.

• Enhanced

portfolio monitoring and consistent sensitivity to macro/industry variables to determine early warning signs and take proactive measures for safety.

• Implement Purple Rules (service delivery)

Charter.

• Embed

service standards across the network.

• Continued

deployment

• f

alternative channels to reduce cost to serve.

• Continuous process reviews.

The Bank’s 2016 growth strategy is largely centred around 4 key objectives

Gui uidan dance ce

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Headli dline nes 2015 15 2016 16 Comm mments nts Customer Deposit Growth 10% 10-12% Deposit growth expected to remain double digits; largely from a realignment of volumes from institutional to retail and commercial sources Retail Penetration – (Personal accounts - share

• f deposit)

14% 15-20% Improved retail volumes from campus storms, prepaid accounts, partnership with Telcos on agency and mobile banking Loan Growth 25% 5-10% Slow and cautious loan growth; will pick up in H2, 2016 Growth in Non-Interest Income 10% 15% Increased fee income driven by transaction turnover and retail volumes Cost to Income Margin 88.5% 75-80% Impact of further process improvements and growth in top line revenue Net Interest Margin 7.17% 7.00% Expected improvement in cost of funds with improvement in branch network and retail growth

ADDIT DITIO IONA NAL L IN INFORMA ORMATION TION

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Timelin eline

TIMELINE 2015 2015 2013 2013 2005 2005 1991 1991 2014 2014 2013 2013 2001 2001 2015 2015

Incorporated in Nigeria; long ngest surv rviving ng indig digeno nous us bank nk Listed on the Nigerian Stock Exchange Obtained Universal Banking License Acquired National Bank

• f Nigeria Plc

Successfully completed private placement; CAR at 27% Divestment from 7 subsidiaries in compliance with CBN regulations Total Assets & Contingencies grew to N397 97 billion Divestment from Associated Discount House

• Celebr

brated ed 70 years rs of building successful relationships and creating value for all stakeholders

• Obtained Natio

ional l Bankin ing g Licen ense

1945 1945

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Expe perie rienced nced, , Skille led d and d Diver erse e Board rd

1 2 3 4 5 6 7 8 9 10 10 1. 1. Adeyin inka ka Asekun (Chair hairman) man) 2. 2. Segun un Olok

• ketuy

tuyi (MD/CEO) 3. 3. Ademola mola Adebis bise (ED) 4. 4. Moruf uf Ose seni ni (ED) 9. 9. Samuel muel Duroj rojay aye (Non-Exe Exec) 10.

• 10. Tina

a Vukor

• r-Quarshie

uarshie (Inde depe pende ndent nt) 11.

• 11. Omobosol

mobosola Ojo jo (Inde depe pende ndent nt) 12.

• 12. Abol
• lanle

anle Matel-Oko koh (Non-Exe Exec) 5. 5. Wole Akin inle leye (ED) 6. 6. Folake ake Sanu (ED) D) 7. 7. Ade Adefio fioye (Non-Exe Exec) c) 8. 8. Abubak bakar ar Lawal al (Non-Exe Exec) c) 11 11 12 12

• Two Independent Directors
• Varied experience from Banking, Industry, Law and other relevant sectors
• Implementing strong governance and risk controls

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29 Wema Bank has received final approval from the Central Bank of Nigeria to convert

• ur

Banking License from Regional Authorization to National Authorization The Bank now operates as a full-fledged Commercial Bank in all geo-political Zones and the Federal Capital Territory. The Bank is fully prepared to scale up its

• perations to cover locations in the North

and Eastern parts of the country We expect to re-open Five (5) branches in the next 3 months in Kaduna, Lokoja, Minna, Aba & Enugu

Ge Geograp raphical ical Covera erage ge

Previous coverage area New branches to be opened

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New Branch Develop elopmen ments ts

Ami minu nu Kano,

• , Abuj

uja Lekki-Aj Ajah, , Lagos agos Trans ans-Ama madi di, Rivers rs Awol

• lowo

wo, , Lag agos

• s

Ifo Ifo, , Ogun un Ado-Bado Badore, , Lago gos 30

Th Thank ank You