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Wema Bank Plc, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank (ALAT), has announced a 70 percent growth in Profit Before Tax (PBT), from N1.80 billion in third quarter 2017 to N3.07 billion in third quarter ended September 30, 2018.
Profit after Tax (PAT) rose by 72.55 percent to N2.64 billion in third quarter 2018 from N1.53 billion in third quarter 2017.
Gross earnings for the period under consideration grew by 7.96 percent from N45.3 8billion in 2017 to N48.99 billion in 2018. According to the bank, this was supported by increased contribution from non-interest income which rose by 24.85 percent from N8.09 billion in 2017 to N10.10 billion, in 2018.
Net loans increased by 13.44 percent from N215.8 billion in full year 2017 to N244.8 billion in third quarter 2018. Deposit volume increased by 42.36 percent to N362.3 billion in full year 2017, this is driven by the continued brand acceptance and customer acquisition initiatives involving branch network expansion and service improvements across our digital platforms (ALAT, USSD*945).
The Bank also recorded significant growth in Agency Banking partnerships, with the number of agents increasing by 27 percent to 1076 agents in 2018 across all the 36 states of Nigeria. Providing further insights into the performance of the Bank during the period Mr. Ademola Adebise, the Managing Director/Chief Executive Officer of Wema Bank, stated that “the Bank’s focus remains on the Retail market segment driven by its success in digital on-boarding.” He also noted that Bank has set out to double all indices by leveraging on digital innovation while it looks to further deepen its partnerships in the Commercial end of the market with new.
Adding that “Partnerships are key to the success of our franchise and we have created structures that will help deepen our market share,” As part of its efforts to position itself for continued growth, the Bank opened its Series II Bond Issuance Program of N20 billion on 28th September 2018. The Bond issuance, which is a 7-year bond (Callable after 5 years) 2018-2025, was a huge success.
In building a robust retail bank, Wema has expanded its footprint over the past few years, increasing its presence in the North and Eastern regions of the country and aggressively growing its agent banking business to reach the financially excluded and branch-starved communities. The bank recently opened new branches in Sangotedo, Lagos; Jebba in Kwara; Aba in Abia; and Ilupeju in Lagos State.
The Bank hopes to continue to build on the success recorded in the last few months and close the financial year with improved year-on-year growth. Wema Bank, the pioneer of Nigeria’s first fully digital bank ALAT, offers a range of retail, SME banking, corporate banking, treasury, trade and financial advisory services to its customers. Wema Bank operates with a National Banking licence, with a network over 145 branches and service centres across Nigeria, backed by a robust ICT platform.
Photo Caption: Mr. Ademola Adebise, the Managing Director/Chief Executive Officer of Wema Bank.
