Wema Bank’s Quarterly Profit Rises By 135.8%

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Wema Bank’s Quarterly Profit Rises By 135.8%
Wema Bank’s Quarterly Profit Rises By 135.8%

Wema Bank Plc has said its profit before tax  increased by 135.8 per cent to N7.2bn in the third quarter of this year.

The bank said on Sunday in a statement on its unaudited nine-month 2021 financial results that this followed a year-on-year growth of 9.1 per cent in gross earnings to N63.1bn from N57.8bn in the corresponding period of 2020.

Commenting on the results, the Chief Finance Officer, Mr Tunde Mabawonku, 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.

READ ALSO: Wema Bank Records 14.24% and 12.25% Drop in Gross Earnings and Profit in 2020

“The numbers show the bank continues to grow and improve its market share. We have now comfortably crossed the N1tn mark in total assets and have a share of close to three per cent of industry deposits.”

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.”

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According to the statement, deposit liabilities grew by 9.3 per cent to N879.8bn in nine months from N804.9bn in the same period of 2020 while total assets increased by 10.7 per cent to N1.08tn from N979.5bn.

He said it had also unveiled its new mission and vision statements, which it said aligned to its strategy.

Mabawonku said, “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.

“We will continue our aggressive strategy to improve our commercial lending business alongside trade and other revenue lines.”