By Kayode Tokede
Wema bank Plc has announced its unaudited nine months ended September 30, 2020 financial results with total assets gaining 20.64 per cent to N863.64 billion as at September 30, 2020 from N715.87billion reported in full financial year of 2019.
The lender in its results to the Nigeria Stock Exchange (NSE) on Wednesday disclosed that deposit liabilities grew by 21.58 per cent to N701.84billion from N577.28billion in 2019, while net loans grew by 24.39 per cent to N359.80billion from N289.24billion in 2019.
The financial performance highlights, showed that Wema bank reported profit before tax of N3.06 billion in nine months of 2020 as against N4.73 billion reported in nine months of 2019, while profit after tax dropped to N2.64 billion reported in nine months of 2020 from N4.09 billion reported in nine months of 2019.
In addition, Wema bank’s gross earnings dropped by 11 per cent to N57.83 billion reported in nine months of 2020 compared to N64.83 billion reported in nine months of 2019.
Commenting on the result, Wema Bank’s Managing Director/Chief Executive Officer Mr. Ademola Adebise in a statement said: “We are pleased that our performance has improved significantly on the back of increased economic activities across the country; we recorded a better 3rd quarter compared to the 2nd quarter though average numbers still slightly below their 2019 peak volumes.
“For the 9months ended September 30, 2020, the Bank recorded gross earnings of N57.83billion and Profit Before Tax (PBT) of N3.06billion. Customer Deposit closed at N701.84billion, representing a 21.58 per cent Year-To-Date (YTD) growth. Despite the tough regulatory regime on Cash Reserve Ratio (CRR), Wema Bank continues to support various sectors of the economy as witnessed in the 24.39 percent growth in loans to N359.8billion.”
In response to the impact of COVID-19, the bank played a role in supporting local, state and federal efforts in providing relief to those impacted directly and indirectly. We also supported customers through the suspension of loan repayment for SMEs, customized loan extension and moratorium, Increased customer engagement through webinars, online channel availability and customer support.
To help in the rebuilding and healing process from the effect of the recent #EndSARS protest, Wema Bank has reached out to all its customers to not only empathize but work with them to create tailored solutions to enable them get their business back on track.
The pace of Digital adoption and automation has accelerated across the country and indeed the globe in the light of the COVID-19 Pandemic and we are pleased as a Bank to have been ahead of the curve with ALAT, Nigeria’s First Fully Digital Bank. In the last quarter, we upgraded to ALAT 4.0 with a whole new personalized experience, thus allowing our customers to do much more with ALAT. Our focus for the next three years is to continue to transit ALAT and the larger Bank to becoming the “Dominant digital banking platform” in Nigeria and we are confident that we can achieve this feat”.
Adebise, further commented that “during the last quarter, the Bank further strengthened its governance structures with changes on the Board.
“The Bank appointed Mr. Oluwole Ajimisinmi as an Executive Director and also appointed an Independent Non-Executive Director – Mrs Ibiye Ekong”. 2020 has been one of the most challenging years in recent history but the Bank remains resilient and has committed to keep delivering value added services to its customers and stakeholders as it has done over the last 75 years. The Bank expects to close the year in line with targets and expectations.”