Wema Bank Records N4.76bn Nine Months Profit
Wema Bank Plc said its profit before tax grew by 55.56 per cent to N4.76 billion in its nine months results for the period ended, September 30, 2019.
It also achieved growth of 30.95 per cent in gross earnings, from N48.99 billion in the third quarter of 2018, to N64.15 billion, as at the end of the period under review.
Wema Bank’s customer deposits also grew by 23.69 per cent to N456.8 billion, from N369.3 billion in its 2018 full year results. Its net loans grew by 13.76 per cent, from N252.2 billion at the end of 2018, to N286.9 billion in the period under review, with a loan to deposit ratio above the regulatory prescribed minimum threshold.
The bank in a statement, revealed that its non-performing loans (NPL) numbers remained below five per cent, stating that its Capital Adequacy of 14.78 per cent was is above the regulatory minimum of 10 per cent.
The bank said it continued to benefit from fees and other non-interest income which closed at N15.79 billion as at the end of September 2019, compared to N10.10 billion in the comparable period of.
The bank’s Chief Finance Officer, Tunde Mabawonku, was excited about the performance.
According to the Chief Finance Officer, “The key measure of success for us is growth in customers and customer activity – and we are glad that we are reporting strong double-digit growth here.
In his contribution, the Managing Director, Wema Bank, Mr. Ademola Adebise, reiterated this strong performance stating that, “The future for Wema remains growth through innovation and we are proud to be the leading Bank in the Digital Banking space. ALAT has revolutionised customer on-boarding in the industry, now we are taking on payments and commerce. We are creating a digital platform for youths, young entrepreneurs and young professionals.
“The bank has also commenced trade partnership with the Bank of Africa group to strengthen its commercial business. We believe that with the focused execution of our 3-year strategy, Wema will remain the Bank to watch out for. The bank remains committed to sustaining this impressive performance and to deliver on the FY 2019 guidance across all key metrics.”
In his words: “We are delighted to announce the Bank’s Q3 2019 results.
As part of its contribution to economic growth, Heritage Bank Plc has continued to support ‘The Next Titan’ season six.
The competition is to support the entrepreneurial spirit among Nigerian youths. The Next Titan entrepreneurial reality TV show sponsored annually by the Heritage Bank Plc recently unveiled the top 16 contenders for the season-6 of the competition. The 16 lucky candidates were selected from among 50 contestants who made it to the Bootcamp after the auditions that saw thousands of Nigerian young entrepreneurs