Wema Bank announced a 135.8% growth in pre-tax profits for the first 9 months of the year 2021.
Commenting on the results, the Chief Finance Officer, Mr. Tunde Mabawonku said, “We are delighted to announce the bank’s nine-month 2021results 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 N1 trillion mark in total assets and have a share of close to three percent of industry deposits”.
Wema Bank recorded an increase of 135.8% in profit before tax (PBT) to close the quarter at N7.2billion. This follows a Year-on-Year growth of 9.1% in gross earnings to ₦63.1billion in 9M 2021 from ₦57.8billion in 9M 2020. According to Tunde 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 9.3% to ₦879.8billion in 9M 2021 from ₦804.9billion in FY 2020 while Total Asset increased by 10.7% to ₦1.08trillion in 9M 2021 from ₦979.5billion in FY 2020. We have also unveiled our new Mission and Vision statements which align with 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 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 commercial play. On our commercial business, we will continue our aggressive strategy to improve our commercial lending business alongside trade and other revenue lines,” Mabawonku said.