Wema bank plc on Wednesday announced its audited results for year ended December 31, 2019 on the Nigerian Stock Exchange (NSE) with 40per cent growth in Profit Before Tax (PBT).
The lender’s PBT moved to N6.76billion in 2019 from N4.80billion reported in 2018, while profit after tax (PAT) was N5.20billion in 2019 from N3.33billion in 2018.
With the increased profit, dividend payout to shareholders yielded eight per cent from N0.03 paid in 2018 to N0.04 proposed by the management for 2019 financial year.
The Bank recorded gross earnings of N94.89billion which was a 32.65per cent increase over the N71.53billion reported in 2018
The bank continued to grow its deposit base, while also reducing its cost of funds. Wema bank’s deposits was up by 56.35 per cent in the period to N577.28billion from N369.20billion reported in 2018.
Loans and advances grew from N252.19billion in FY 2018 to N289.24billion in 2019, a y/y increase of 14.69per cent.
In addition to the balance sheet, Wema bank total assets grew by 46per cent to N715.87billion in 2019 from N488.80billion reported in 2018.
The MD/CEO of Wema Bank, Ademola Adebise in a statement said, “We are pleased to announce our 2019 financial year results. The results show that year on year, Wema Bank has continued its steady growth trajectory.”
He cautioned that, “while the results for 2019 showed very strong growth, the economic headwinds of the last few weeks has moderated our growth expectations for the next few months. It is expected that the economic and social impact of the Covid-19 virus will be far reaching.
“As a Bank we have also tried to play a role in supporting local and federal efforts in providing relief to those impacted directly and indirectly.
This “new normal” has necessitated massive adoption of technology across the economy and we are glad that we have stayed ahead of the curve and our previous technology investments have continued to yield results.
“ALAT, Nigeria’s First Fully Digital Bank, continues to record strong performance as adoption rates have grown and customer base is almost at the half a million mark. We plan to continue our growth in customer acquisition and retention despite the headwinds.”