Wema Bank’s quarterly profit increases by 135.8%

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Wema Bank Plc said its profit before tax rose 135.8% to 7.2 billion naira in the third quarter of this year.

The bank said in a statement on its unaudited nine-month 2021 financial results on Sunday that this followed 9.1% annual growth in gross profit to 63.1 billion naira, from 57.8 billion naira. during the corresponding period of 2020.

Commenting on the results, Chief Financial Officer Tunde Mabawonku said: “We are delighted to report the bank’s 9M 2021 results, which show strong

growth in key financial indicators despite the challenging macroeconomic environment resulting from increased inflation, supply chain disruptions and the continued impact of the COVID-19 pandemic.

“The numbers show that the bank continues to grow and improve its market share. We have now comfortably crossed the trillion mark in total assets and hold a nearly 3% share of industry deposits. ”

Mabawonku added, “The key measure of success for us is growth in customer base and customer activity – and we’re happy to report strong growth here. ”

Deposits increased 9.3 percent to 879.8 billion naira in nine months, from 804.9 billion naira during the same period in 2020, while total assets increased by 10.7% to 1.08 billion naira against 979.5 billion naira.

He said he also unveiled his new mission and vision statements, which he said were aligned with his strategy.

Mabawonku said: “We are sure to end the year with an even stronger performance; we will also continue

to focus on our digital business, which is a key accelerator for customer acquisition, consumer lending and transaction volumes, without neglecting our corporate and commercial game.

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

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