…As Wema bank records impressive financial performance
The Managing Director/Chief Executive officer of Wema Bank Plc, Ademola Adebise, has assured stakeholders of scaling up, manoeuvre the environment, creatively manage resources, and drive long-term, substantial returns for optimum performance.
Wema Bank Plc, pioneer of Africa’s first fully digital bank and one of Nigeria’s most resilient banks, has posted a growth performance across all financial indices in the First-Half of its 2022 operations as contained in the Financial Results for the Period Ended 30 June, 30,2022 released in Lagos on July 28, 2022. In the report, the bank recorded an increase of 50 per cent in its gross earnings from the ₦39.82 billion it recorded in H1 of 2021 to ₦59.59 billion.
Adebise, attributed the remarkable performance to increased customer satisfaction the bank delivers through its investment in technology.
According to him, “Our performance has shown strong and promising results in the second quarter. Customers have continually shown trust in our proficiency, innovation, and service delivery even as the market gets more challenging.
“That said, I am confident, that despite increased volatility and uncertainty, we will continue to scale up, manoeuvre the environment, creatively manage our resources, and drive long-term, substantial returns for shareholders.”
It also grew its Interest Income by 55 percent year-on-year, from the ₦32.19 billion recorded at this period last year to ₦49.75 billion. The bank’s Non-Interest Income went up from ₦7.64 billion in the period ended 30 June, 2021 to ₦9.85 billion, an increase of 29 percent.
Similarly, Wema Bank recorded a 43 per cent increase in Profit Before Tax, PBT, from ₦4.30 billion over the same period last year to ₦6.13 billion for the period under review. The bank’s Profit After Tax, PAT, also increased from ₦3.72 billion in H1 2021 to ₦5.30 billion reflecting a raise of 42 percent.
The bank also grew its deposit by 43 per cent from ₦968.17 billion reported in Financial Year, FY, 2021 to ₦1.09 trillion in the H1 2022. It also grew its loans and advances from ₦418.86 billion to ₦447.23b in H1 2022, an increase of seven percent.
In his remarks, the bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the strong performance stems from the bank’s diversification of its business and value derived from its digital assets.
“This has been a strong first half with Interest Income up 55 per cent and PBT 43 prer cent compared to H1 2021.” Mabawonku said.
“This strong showing is down to diversification at different levels of our businesses. Also, it is a testament to the advantage of our investment in digital banking assets which have continued to boost customer satisfaction and build trust for us.
“Also, we are aware of the challenges that the rising cost of living is having on our customers and stakeholders. Given the size of our balance sheet and income growth, we have trust in our ability to continue to provide support and help cushion the impact of growing costs in the market,” he explained.
Wema Bank Plc, is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks. With decades of experience in the business of banking, the Bank has remained innovative in delivering value to its stakeholders.
Wema Bank operates a network of over 150 branches and service stations backed by a robust ICT platform. The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers.