Wema Bank PLC has announced its unaudited nine-month 2021 financial results which indicate an increase of 135.8 per cent in Profit Before Tax (PBT) to close the quarter at N7.2 billion.
The result indicates a year-on-year growth of 9.1% in gross earnings to N63.1bn in nine months of 2021 from N57.8bn in the same period of 2020.
Commenting on the results, the Chief Finance Officer, Mr Tunde Mabawonku said, “The numbers show the bank continues to grow and improve its market share.
“We have now comfortably crossed the N1 trillion mark in total assets and have a share of close to three per cent of industry deposits.”
Further analysis indicates that deposit liabilities grew by 9.3% to N879.8bn in 2021 from 804.9bn in 2020 while Total Asset increased by 10.7% to N1.08tr from N979.5bn in 2020.
Mabawonku said: “We are sure to close the year with an even stronger performance.
“We will 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 commercial play.”
On commercial business, he said the bank will continue its aggressive strategy to improve commercial lending business alongside trade and other revenue lines.
