Home Business Fidelity Bank, Wema Bank, 2 Others Report N53.29bn Profit In 2021

Fidelity Bank, Wema Bank, 2 Others Report N53.29bn Profit In 2021

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Four Tier-2 banks have reported a total of N53.29billion profit in unaudited results and accounts for full year ended December 31, 2021 as against N36.22billion reported in prior unaudited results and accounts for full year ended December 31, 2020.

The banks are Fidelity Bank Plc, Wema Bank Plc, Jaiz Bank Plc and unity Bank Plc.

As gathered by Westernpost, Fidelity Bank contributed 71.5 per cent of the total profit in the period to maintain its spot as the leading Tier-2 bank in Nigeria.

Fidelity bank’s profit grew by 43.05 per cent to N38.12billion in 2021 unaudited results from N26.65billion reported in 2020 unaudited results.

After Fidelity Bank was Wema bank with 93.73 per cent increase in profit to N8.87billion in 2021from N4.58billion reported in 2020 unaudited results.

While commenting on the bank’s H1 2021 result, Managing Director, Wema Bank, Mr. Ademola Adebise in a statement had said: “Our performance speaks to the spirit of resilience that runs through the organisation as we have strongly bounced back from the COVID-19 impacted performance of the same period in 2020.

“As the economy opens back up fully, we expect to see a stronger performance for full year 2021.

“Over the course of the second half of 2021, the bank will continue its strong focus on the digital business, pushing for further gains in customer acquisition, consumer lending and transaction volumes while on the commercial side of the bank, we will continue to aggressively grow our commercial lending business alongside trade and other revenue lines.”

In addition, Jaiz bank grew its profit to N3.8billion in 2021, a 32 per cent increase from N2.9billion in 2020 while Unity Bank reported N2.47billion profit in unaudited results for 2021 financial year from N2.09billion reported in 2020.

 

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