Despite challenges, Wema Bank reports 108.7% increase in profit to N12.4bn

On the heels of domestic and foreign economy challenges, Wema Bank Plc on Thursday announced 108.7 per cent increase in profit before tax to N12.4billion in 2021 financial year ended December 31, 2021 from N5.9billion reported in 2020 financial year statements.

The lender on the Nigerian Exchange Limited (NGX) grew profit for the year by 95 per cent to N8.9 billion in 2021 from N4.6 billion reported in 2020.

Wema bank in 2021 financial year grew its net interest income by 29 per cent to N39.9billion in 2021 from N30.9billion in 2020, while Gross earnings rose by 15.1 per cent to N93.6billion in 2021 from N81.38billion to drive significant growth in profits.

As gathered by westernpost, the board and management of Wema bank proposed a dividend of N0.08 per ordinary 50kobo shares and it is subject to shareholders approval.

The bank in nine months of 2021 reported

Wema Bank had recorded an increase of 135.8per cent in profit before tax to close the quarter at N7.2billion.

This follows a Year-on-Year growth of 9.1per cent in gross earnings to N63.1billion in nine months of 2021 from N57.8billion in nine months of 2020.

Commenting on the results, the Chief Finance Officer Wema bank, Mr Tunde Mabawonku in a statement said, “we are delighted to announce the Bank’s 9M 2021 results which shows strong growth in key financial metrics despite the challenging macro-economic environment arising from heightened inflation, supply chain disruptions and the continued pass-through impact of the Covid-19 pandemic.”

We have also unveiled our new Mission and Vision statements which align to our strategy. We want to be the dominant digital platform in Africa delivering seamless financial services. This plan started with the launch of ALAT a few years ago and is now being accelerated in the last few months.

“We are sure to close the year with an even stronger performance; we will also continue to focus on our digital business, which is a key boost for customer acquisition, consumer lending and transaction volumes while not neglecting our corporate and commercial play. On our commercial business, we will continue our aggressive strategy to improve our commercial lending business alongside trade and other revenue lines.”