Home Business Wema Bank Reports 135.8% Increase In Profit Before Tax To N7.2bn

Wema Bank Reports 135.8% Increase In Profit Before Tax To N7.2bn

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Wema bank Plc has announced profit before Tax (PBT) of N7.2billion, an increase of 135.8 per cent in nine months ended September 30, 2021 as against N3.1billion reported in nine months ended September 30, 2020.

The lender on the Nigerian Exchange Limited (NGX) on Friday reported profit after tax of N6.2billion in nine months under review as against N2.6billion reported in prior nine months.

Gross earnings increased by 9.1 per cent to N63.1billion in nine months of 2021 from N57.8billion reported in nine months of 2020.

However, net-Interest Income grew to N28.4billionin nine months of 2021 from N20.1billion in nine months of 2020, a growth of 41.5 per cent, while Non-Interest Income also increased from N11.4billionin nine months of 2021 to N11.5billion; growth of 0.9per cent.

From its financial Position, deposit liabilities went up by 9.3 per cent to N879.8billionin  as at September ended 30, 2021 from N804.9billion in reported in full year ended December 31, 2020 as loans and Advances to Customers rose by 10.3per cent to N397.3billionin nine  months of 2021 from N360.1billion reported in  2020.

However, total assets rose by 10.7per cent to N1.07trillion in nine months of 2021 from N979.5billion in FY 2020.

Commenting on the results, the Chief Finance Officer, Wema Bank, Mr. Tunde Mabawonku in a statement said: “We are delighted to announce the Bank’s 9M 2021 results which shows 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 three per cent of industry deposits”.

Wema Bank recorded an increase of 135.8per cent in profit before tax (PBT) to close the quarter at N7.2billion.

This follows a Year-on-Year growth of 9.1per cent in gross earnings to N63.1billion in 9M2021 from N57.8billion in 9M2020.

Mabawonku added: “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 9.3 per cent  to N879.8billionin 9M 2021 from N804.9billion in FY 2020 while Total Asset increased by 10.7per cent to N1.08trillion in 9M2021 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.”

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