Wema Bank reports 149% growth in PBT to N4.3bn

By Kayode Tokede

Wema Bank has announced its unaudited half year ended June 30, 2021 (H1) financial result and accounts with strong fundamentals in income statement position as profit before tax rose significantly by 148.7 per cent to N4.3billion in H1 2021 from N1.73billion reported in H1 2020.

The bank’s total assets gained 4.76 per cent to N1.02trillion as at June 30, 2021 from N979.52billion reported in full year ended December 31, 2020.

The lender reported 0.5 per cent increase in customers deposit to N808.87billion as at June 30, 2021 from N804.87billion reported in 2020 as net loans grew by 3.63per cent to N373billion in H1 2021 from N360.08billion reported in H1 2020.

Commenting on the results, the Managing Director, Wema Bank, Mr. Ademola Adebise said, “We are pleased to release our results for the first half of the year. Our performance speaks to the spirit of resilience that runs through the organization as we have strongly bounced back from the covid impacted performance of the same period in 2020.

“As the economy opens back up fully, we expect to see a stronger performance for full year 2021. Over the course of the second half of 2021, the bank will continue its strong focus on the digital business, pushing for further gains in customer acquisition, consumer lending and transaction volumes while on the commercial side of the bank, we will continue to aggressively grow our commercial lending business alongside trade and other revenue lines.”

The bank recently appointed Mr. Emeka Obiagwu as an Executive Director while Prince Olusegun Adesegun & Adeyemi Adefarakan were appointed as Non-Executive Directors.

The Chief Finance & Strategy Officer, Tunde Mabawonku said “We are delighted to announce the Bank’s H1 2021 results. The performance shows growth in key financial metrics despite the challenging macro-economic environment arising from the COVID-19 pandemic.”