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Wema Bank achieves N57.83b gross earnings in nine months

Wema Bank Plc has released its unaudited nine months financial results for the period ended September 30, 2020. The result showed gross earnings of N57.83 billion and Profit Before Tax (PBT) of N3.06 billion.

The bank also grew customer deposits by 21.58 per cent to N701.84 billion. Despite the tough regulatory regime on cash reserve ratio (CRR), Wema Bank continues to support various sectors of the economy as witnessed in the 24.39 per cent growth in loans to N359.8 billion.

The bank’s deposit liabilities grew by 21.58 per cent to N701.84 billion from N577.28 billion in financial year 2019 . Net Loans grew by 24.39 per cent to N359.80 billion from N289.24 billion in financial year 2019 while total asset grew by 20.64 per cent to N863.64 billion from N715.87 billion in financial 2019.

Commenting on the result, Wema Bank’s Managing Director/Chief Executive Officer Ademola Adebise said: “We are pleased that our performance has improved significantly on the back of increased economic activities across the country; we recorded a better third quarter compared to the second quarter though average numbers still slightly below their 2019 peak volumes”.

The pace of digital adoption and automation has accelerated across Nigeria and indeed the globe in the light of the COVID-19 Pandemic and we are pleased as a Bank to have been ahead of the curve with ALAT, Nigeria’s First Fully Digital Bank.

In the last quarter, we upgraded to ALAT 4.0 with a whole new personalized experience, thus allowing our customers to do much more with ALAT. Our focus for the next three years is to continue to transit ALAT and the larger Bank to becoming the “Dominant digital banking platform” in Nigeria and we are confident that we can achieve this feat”.

Adebise, further commented that “during the last quarter, the Bank further strengthened its governance structures with changes on the Board. The Bank appointed Mr. Oluwole Ajimisinmi as an Executive Director and also appointed an Independent Non-Executive Director – Mrs Ibiye Ekong”.

The year has been one of the most challenging years in recent history but the Bank remains resilient and has committed to keep delivering value added services to its customers and stakeholders as it has done over the last 75 years. The bank expects to close the year in line with targets and expectations.

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