Wema Bank grows nine months pre-tax profit by 135.8%

Wema Bank Plc has announced its unaudited nine months (9M) 2021 financial results. The Bank recorded an increase of 135.8percent in profit before tax (PBT) to close the quarter at N7.2billion.

This follows a year-on-year (YoY) growth of 9.1percent in gross earnings to N63.1billion in 9M 2021 from N57.8billion in 9M 2020.

Commenting on the results, Wema Bank Chief Finance Officer, Tunde Mabawonku said, “we are delighted to announce the Bank’s 9M 2021 results which show strong growth in key financial metrics despite the challenging macro-economic environment arising from heightened inflation, supply chain disruptions and the continued pass-through impact of the Covid-19 pandemic.”

“The numbers show the Bank continues to grow and improve its market share. We have now comfortably crossed the N1trillion mark in total assets and have a share of close to 3percent of industry deposits”.

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Wema Bank

According to Mabawonku, “The key measure of success for us is growth in customer numbers and customer activity – and we are glad that we are reporting strong growth here.” Deposit Liabilities grew by 9.3percent to N879.8billion in 9M 2021 from N804.9billion in FY 2020 while Total Asset increased by 10.7percent to N1.08trillion in 9M 2021 from N979.5billion in FY 2020.
“We have also unveiled our new Mission and Vision statements which align to our strategy. We want to be the dominant digital platform in Africa delivering seamless financial services. This plan started with the launch of ALAT a few years ago and is now being accelerated in the last few months”.

“We are sure to close the year with an even stronger performance; we will also continue to focus on our digital business, which is a key boost for customer acquisition, consumer lending and transaction volumes while not neglecting our corporate and commercial play. On our commercial business, we will continue our aggressive strategy to improve our commercial lending business alongside trade and other revenue lines,” he added.