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Wema Bank 2013 Annual Report Accounts 2013 ANNUAL REPORT & ACCOUNTS CORPORATE INFORMATION CORPORATE HEAD OFFICE PURPLE CONNECT Wema Towers, Calls: +234 (0) 80 3900 3700, +234 01 2778600 54, Marina, Lagos Island SMS: +234 (0) 70 5111 2111 P.M.B. 12862, Lagos E-mail: [email protected] Nigeria Live Chat: www.wemabank.com FOREIGN CORRESPONDENT BANKS London, United Kingdom: Standard Chartered Bank | Union Bank Plc | Bank of Beirut | United National Bank | Access Bank New York, USA: Standard Chartered Bank | United Bank for Africa (UBA) Frankfurt, Germany: BHF Bank | Commerzbank | Deutsche Bank AG AUDITORS Akintola Williams Delloitte (Chartered Accountant) C O N T E N T S CONTENTS CORPORATE INFORMATION 2 ABOUT WEMA BANK 4 4 Corporate Philosophy 5 2013 Performance Highlights 6 About Wema Bank Plc REPORTS 9 10 Corporate Governance 19 Adherence to the Nigerian Sustainable Banking Principles 27 Wema Bank Compliance Framework 30 Customer Complaints Management and Feedback FINANCIALS 63 63 Statement of Profit/Loss and other Comprehensive Income STATEMENTS 35 64 Statement of Financial Position as at 31 December 2013 36 Notice of the 2013 Annual 65 Statement of Change in Equity General Meeting 66 Statement of Prudential Adjustments 37 Chairman’s Statement 67 Statement of Cash Flow 42 Directors’ Report 68 Notes to the Statements 46 Shareholders’ Bulletin 128 Statement of Value Added 48 Board of Directors 129 Financial Summary 54 Management Team 57 Statement of Directors’ Responsibility SHAREHOLDER’S KIT in Relation to the Financial Statement Shareholder’s Proxy Form 58 Report of the Audit Committee to the Members of Wema Bank Plc Shareholder’s Data Update Form 59 Independent Auditor’s Report to the e-Share Notifier Subscription Form Members of Wema Bank Plc 60 Report of the External Consultants on the Appraisal of the Board of Directors CORPORATE DIRECTORY 2013 ANNUAL REPORT & ACCOUNTS 3 A B O U T W E M A B A N K CORPORATE PHILOSOPHY OUR VISION To be the financial institution of choice in service delivery and superior returns OUR MISSION To give every customer a delightful and memorable service experience OUR CORE VALUES Mutual Respect Teamwork Innovation Performance-driven Professionalism 4 2013 ANNUAL REPORT & ACCOUNTS A B O U T W E M A B A N K 2013 Performance Highlights TOTAL ASSETS DEPOSITS GROSS EARNINGS 35% 25% 16% GROWTH IN GROWTH IN GROWTH IN TOTAL ASSETS DEPOSITS GROSS EARNINGS December 2013 N331 Billion December 2013 N218 Billion December 2013 N36 Billion December 2012 N246 Billion December 2012 N174 Billion December 2012 N31 Billion SHAREHOLDERS’ FUNDS FEES INCOME PROFIT BEFORE TAX % % 3,134% 7.8 139 INCREASE IN INCREASE IN PROFIT SHAREHOLDERS’ FEE INCOME BEFORE TAX FUNDS December 2013 N41.39 Billion December 2013 N5.13 Billion December 2013 N1.9 Billion December 2012 N1.28 Billion December 2012 N4.76 Billion December 2012 N4.9 Billion Loss RATIOS Liquidity Ratios Net Interest Margin Non-performing Loan (December 2012 : 65%) (December 2012 : 8.2%) (December 2012 : 14.2%) 77.0% 7.04% 3.87% 2013 ANNUAL REPORT & ACCOUNTS 5 A B O U T W E M A B A N K About Wema Bank stablished in 1945, Wema Bank is Nigeria's longest Ÿ N40 Billion was raised via a successful Private Placement, surviving indigenous bank. Wema Bank offers a range of which was comprised of 23 billion shares at 1.50 kobo each Eretail and SME banking, corporate banking, treasury, in 2013. trade services and financial advisory to its numerous customers. Ÿ Fully paid up share capital is N19,287,233,041 divided into In 2009, the Bank underwent a strategic repositioning exercise 38,574,466,082 ordinary shares of 50 kobo each which culminated with the Bank's decision to operate as a Ÿ All 100% owned by Nigerians commercial Bank with regional authorisation in South-South Nigeria, South-West Nigeria, Lagos and Abuja in 2011. OUR VISION Operating a network of over 125 branches and service stations backed by a robust ICT platform across Nigeria, we are To be the financial institution of choice in service delivery and committed to long-term sustainability in our business whilst superior returns maintaining the highest standards of social responsibility, corporate governance and diversity in our operations. OUR MISSION SHAREHOLDING STRUCTURE To give every customer a delightful and memorable service experience Ÿ Authorized capital of N20billion divided into 40 billion ordinary shares of 50 kobo each 6 2013 ANNUAL REPORT & ACCOUNTS A B O U T W E M A B A N K About Wema Bank contd. OUR BRAND Ÿ The ultimate outcome of Teamwork in a Service Organisation, like ours, is a Satisfied Customer The Wema Bank Brand reinforces our key differentiating factor which is Value Driven Relationship Banking. Innovation This is the single concept which drives the understanding of the Ÿ Nothing impedes an organisation faster than...people who new direction of the Wema Bank Brand. It is the one word that believe that the way they worked yesterday is the best way best personifies the behavior, products and services of the to work tomorrow or staff who exhibit an unfortunate “Not- Bank. It is the summation of the Bank's Brand Muscles. Invented-Here” syndrome Our Brand is driven by a desire to develop an intimate Ÿ Fostering Innovative ways of meeting our customers' relationship with our customers, putting us in a position to dynamic needs is imperative to keeping and attracting new recognize their requirements and priorities. Our approach is customers for today and tomorrow hinged on mutual respect, service, innovation and efficiency. In line with our core ideals and values, seek to understand our Performance Driven customers' businesses and objectives, such that we are able to meet and anticipate their needs. Ÿ Peak performers are never satisfied...beyond merely winning over the next customer that walks into the We are conscientious believers: believers in people and societal organisation, they perceive the lifetime value of each new values, believers in the people we work for, the people we work customer. Furthermore, they have a long-range perspective with and the people we serve. that inspires commitment and action. Ÿ We believe in collective progress, the common good and Professionalism sustainable success Ÿ Experience can accomplish a lot but true professionalism and Ÿ We measure our success not only by what we gain or reap from exceptional service delivery will bolster customer the people we interact with, but most importantly, by the satisfaction. reciprocal value we add to them - their lives, their businesses Ÿ We strive to create values that endure, values that uplift Ÿ At Wema Bank, we breed Professionals who strive valiantly human dignity and collective welfare to deliver a delightful and memorable service experience. Ÿ Success to us implies succeeding along with all our THE PURPLE LINE PHILOSOPHY stakeholders, all moving and creating value as the hallmark of great relationships The PURPLE LINE is a driving philosophy that seeks to showcase to the world, our unique type of Banking which is based on OUR CORE VALUES creating and nurturing enduring, value-adding relationships with all stakeholders Mutual Respect The PURPLE LINE is all about creating and nurturing Ÿ Respect for ourselves guides our morals relationships through professionalism, trustworthiness, Ÿ Respect for colleagues guides our manners service excellence, mutual respect, integrity, accessibility, teamwork, innovation, focus, dependability and much more Ÿ Respect for customers guides our service delivery Ÿ At Wema Bank, Mutual Respect is our guide to serving all It seeks to position us as proponents of a new brand of banking; customers – internal and external it seeks to tell our story in a way that highlights the major reason we have survived since 1945 and will continue to shape our way Teamwork of doing business going forward Ÿ Synergy is a key facet of business success...it creates new It seeks to define our way of life and how we do business – i.e. untapped alternatives; it recognises, values and exploits the By creating value, building enduring beneficial relationships mental, emotional and psychological differences between and walking the PURPLE LINE! team members It seeks to show the world what great relationships are made of. 2013 ANNUAL REPORT & ACCOUNTS 7 A B O U T W E M A B A N K About Wema Bank contd. FINANCIAL, OPERATIONAL & REPORTING HIGHLIGHTS Key Ratios Balance sheet Ÿ EPS: 8kobo (-42kobo December 2012) Ÿ NPL Ratio: 3.9% (14.2% December 2012) Ÿ Total assets up 35% to N330.9 billion (N245.7bn December Ÿ Liquidity Ratio: 77% (65% December 2012) 2012) Ÿ Capital Adequacy Ratio: 27% (-16% December 2012) Ÿ Customer deposits, up 25% to N218billion (N174bn December 2012) Operational and Reporting highlights Ÿ Net loans & advances to customers up 34% to N98.6billion (N73.7 billion December 2012) Ÿ Successful Tier 1 capital raise of N40 billion, fully subscribed by Nigerian shareholders Income statement Ÿ Partnered with MasterCard and Intercontinental Hotels for the "Rewards Club" Initiative Ÿ Total operating income of N20.9 billion, an increase of 68% (N12.5 billion December 2012) NUMBER OF EMPLOYEES Ÿ Net interest income of N12.5 billion, up 6% (N11.8 billion December 2012) 1,158 (Dec. 2013) Ÿ Non-interest revenue of N7.1 billion, up 25% (N5.7 billion December 2012) You can interact with us via the following online channels: Ÿ Credit impairment - credit of N1.3 billion (N4.9 billion charge in December 2012) Facebook: wemabankplc Ÿ Profit before tax of N1.9 billion (Loss before tax of N4.9 Twitter: wemabank billion December 2012) Youtube: wematube Ÿ Profit after tax of N1.6 billion (Loss of N5.0 billion December GooglePlus: +wemabank 2012) 8 2013 ANNUAL REPORT & ACCOUNTS REPORTS 010 CORPORATE GOVERNANCE 019 ADHERENCE TO THE NIGERIAN SUSTAINABLE BANKING PRINCIPLES 027 WEMA BANK COMPLIANCE FRAMEWORK 030 CUSTOMER COMPLAINTS MANAGEMENT AND FEEDBACK R E P O R T S Corporate Governance INTRODUCTION Responsibility Wema Bank Plc reiterates its staunch commitment to full The roles of the Chairman and the Chief Executive are separate.
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