• Sun. May 26th, 2024

WEMA BANK Announces 108.3% Growth In Profit Before Tax

Wema Bank Plc’s resilience was on display as the digitally driven financial institution announced its financial results for the year ended December 31, 2021.

Hybrid News Nigeria reports that the performance which capped a remarkable year showed strong growth in key financial indices especially as the bank crossed the ₦1 trillion mark in total assets.

In a statement made to the public by the bank, the Managing Director. Mr. Ademola Adebise said, “I am delighted to announce our performance for the year ended 31st December 2021. The Bank’s FY 2021 results shows robust growth in all key financial metrics despite the challenging macro-economic environment.

“Our year end numbers highlight the strong growth trajectory of the financial institution. We comfortably crossed the ₦1trillion mark in total assets, with a share of approximately 3% of industry deposits.”

Wema Bank recorded an increase of 108.3% in profit before tax (PBT) to close the year at N12.38 billion. This was driven by a Year-on-Year growth of 15.35% in gross earnings to ₦92.14billion in FY 2021 from ₦79.88billion in FY 2020.

The Chief Finance Officer of the Bank, Mr. Tunde Mabawonku noted that “a key measure of success for us is a consistent growth in our balance sheet and customer base – and we are glad that we are reporting healthy growth in all these areas.”

Deposit Liabilities grew by 15.23% to ₦927.47billion in FY 2021 from ₦804.87billion in FY 2020 while Total Asset increased by 20.23% to ₦1.164.52billion in FY 2021 from ₦968.58billion in FY 2020.

Mr Mabawonku also added that, ” Looking forward, we expect that the strong growth will be sustained despite the tough business climate as we execute our customer experience improvement initiatives built around a digital first banking strategy and become first in class in that sphere.

The bank 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.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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