PRESENTATION TO INVESTORS & ANALYSTS www.wemabank.com Pr - - PowerPoint PPT Presentation
HALF YEAR 2019 PRESENTATION TO INVESTORS & ANALYSTS www.wemabank.com Pr esent a t i on t o A na l y st & Invest or s - Ha l f Yea r 2019 1 Content The Operating Environment Overview of the Bank H1 2019 Performance
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Global & domestic economies faced significant strain in the first half of the year...
Global Environment
rade tensions roiled the global economy, spilling
to emerging economies as FDI and FPI
rout also impacted commodities producing nations as demand slowed.
lost luster, and firms moved out
London and the United Kingdom
effects of US trade tariffs set in.
Domestic Environment
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.
affected policy making. However with majority
the petitions now concluded, formation and subsequent approvals of cabinet will improve pace
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
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
above the $40billion range during the period under review, due to improved capital inflows.
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JAN JUN FEB
MAR
APR MAY
T errorism (AML/CFT) Policy and Procedure Manual released by the CBN
implement new cheque standard by September 1, 2019
their status quo from preceding meetings.
ending the month at 11.25%.
13.50% alongside all other parameters
CBN Governor.
Financing scheme.
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
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Ownership Operations & Contact Channels Governance
Total Assets Shareholders Professional Staff 1,173 155 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
Listings Most Innovative Bank, Africa
By World Finance
Over 350,000 Shareholders
44% 56%
www.wemabank.com
2067 Agency Banking Partners Sustainability Partnerships
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Accounts Opened
Transactions Executed Worth
N175bn
Savings Goals Created Goal Based Loans
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 ALATLiteaccounts
19 Awards
and counting
96mn
Worth of loans disbursed
$485,169.41+
Transaction value 2,063 Virtual Active Cards 19,259 Transactions done
FULL DIGITAL BANK
FULL DIGITAL BANK
We Have Recorded Success With ALAT
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DEVELOPING NEW CAPABILITIES
ALAT for Business OUTLET by ALAT Partnerships
3 2 1
We have offered a robust platform for SMEs; Gaming & Entertainment
All of this was underpinned by the refresh of our banking software.
Comment
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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
and automated our E&S platform
Digital Solutions - Hackaholics
After the launch of ALAT, we had Hackaholics which is a hackathon event targeted at designing solutions to meet the needs of the society. The winner of the first edition was Team Easy for developing Easy change.
Taking sustainability a step further…
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Grew by 27.47% Y
N32.03billion in H1 2018 due to a moderate increase of 29.54% and 19.58% in Interest Incomeand Non-Interest Incomerespectively.
27.47% YoY
Gross Earnings YoY to N2.61billion from N1.82 billion in H1 2018.
Profit before Tax (PBT) Increased from N13.57bn in H1 2018 to N16.40bn in H1 2019, driven by statutory and employeecost.
Operating Expenses Increased by 20.80% YTD to N446.09bn from N369.20bn in 2018FY, with a deposit mix of CASA 50% & Term Deposit 50%. Total Deposit
Closed at N280.96bn an increase of 11.41% when compared to 2018FY
Total Loans and Advances Increased by 29.40% to N632.53bn (N488.80 in 2018 FY)
Total Assets www.wemabank.com
Improved performance YoY
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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
Margin & Asset Quality
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Pr esent a t i on t o A na l y st & Invest or s - Ha l f Yea r 2019 2.17 3.09 3.89 3.00 3.75 0.66 0.69 0.52 3.30 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
Non-interest Income
Improved performance quarter on quarter
20.87 24.26 30.37 32.06 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 28.37 2.96 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 17.50 20.16 25.36 25.40 32.89 3.38 4.10 5.00 6.65 7.94
Gross Earnings (N’bn) Interest Income (N’bn) Income Mix (H1’18) Income Mix (H1’19)
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Efficiency
Drivers (N’bn)
➢ 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 expenses Depreciation and amortization Statutory & Other expenses H1'19
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 5.68 7.27 8.37
H1'15 H1'16 H1'17 H1'18 H1'19
Personnel Expenses Dep & Amortisation Statutory & Other Expenses
11.10 11.39 11.97 13.57 16.41
Operating Expenses (N’bn) Comments
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Pr esent a t i on t o A na l y st & Invest or s - Ha l f Yea r 2019 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
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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
billion in FY 2018.
reduce cost of funds
285 283 254 369 446
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
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201.22 221.69 225.47 240.2 258.58 28.21 29.6 36.12 35.58 31.97 H1 2018 9M 2018 FY 2018 QI 2019 HI 2019 LCY FCY
N290.55billion.
Construction, General Commerceand Manufacturing etc.
in the loan book YTD.
reported in 2018FY, recoveries largely accounted for the reduction 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
229.43 251.29 261.59 275.78 290.55 COMMERCIAL 33% CORPORATE 51% PUBLIC SECTOR 4% RETAIL 12% COMMERCIAL 35% CORPORATE 51% PUBLIC SECTOR 4% RETAIL 10%
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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%
Manufacturing
5%
Oil & Gas
19%
Government
4%
General Commerce
16%
General
8%
Finance & Insurance
1%
Education
1%
Capital Market
1%
Agriculture, Forestry & Fishing
4%
Construction
16%
Real Estate Activities
10%
Loan Analysis H12019
SECTOR HI 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
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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 12,294 186 227 216 252 281 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 SECTOR HI 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
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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:
banks.
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Gross Earnings (N’bn) Customer Deposits (N’bn) Total Assets (N’bn) Net Loans & Advances (N’bn)
Stable Performance
397 421 387 488 632
FY'15 FY'16 FY'17 FY'18 H1'19
186 227 216 252 281
FY'15 FY'16 FY'17 FY'18 H1'19
285 283 254 369 446
FY'15 FY'16 FY'17 FY'18 H1'19
20.87 24.26 30.37 32.06 40.83
H1'15 H1'16 H1'17 H1'18 H1'19
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We see bright spots ahead
Economic Outlook
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
economies; the United States & China; dragging down economic growth across all emerging markets& developing economies.
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.
straight quarters but the figure is significantly below the 6% threshold that’s essential for lifting Nigerians out of poverty and reducing unemployment..
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.
Federal & State elections are now sitting and should wrap up
place which is hampering the execution of the FG budget.
five year tenure. Subsequently a five year policy plan has been released laying out the policy thrusts of the apex regulator.
been introduced including a policy setting the minimum loan to deposit ratio to 60%
the short term. We believe the strategic building
shocks and the regulator will maintain its focu s
the listing of telco’s like MTN & Airtel lifted the NSE while the introduction
new banking restrictions depressed banking shares
Global Economy Domestic Economy Domestic Market www.wemabank.com
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Strategic Thrust (2018-2020) Driving Growth through Digital Capabilities
25 Overall Aspiration Our Strategic ic Pilla lars Key Enabler ers
Become the Most Innovative Bank Double Performance leveraging innovation Innovation Agile Execution Partnerships & Al Alliances
Drive ve profitable growth in the core Grow market share in Retail & SME Transform Customer Ex Experience ce 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
processes Transform
culture to enhance staff skills, capabilities and attitudes in
business
Enhance Capital & Funding Raise additional tier 1 & 2 capital to support projected business growth
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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
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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
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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
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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
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
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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.
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.
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.
Forward Looking Statements
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Wema Bank plc 54 Marina Lagos PMB 12862, Lagos, Nigeria +234 (01) 2778600 www.wemabank.com/investor-relations
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