WEMA Bank Logs N4.3bn Profit Before Tax In H1 2021

WEMA Bank Logs N4.3bn Profit Before Tax In H1 2021

WEMA Bank has announced a 149 percent growth in Profit Before Tax (PBT) to N4.3 billion in the first half of 2021.

This was disclosed in the financial institution’s unaudited financial results for the first half of 2021.

In the report, WEMA Bank said that its total assets grew to N1.02 trillion in the first half of 2021 from N979.52 billion recorded in FY 2020.

Commenting on the bank’s financial results, the Managing Director, Mr. Ademola Adebise, said, “We are pleased to release our results for the first half of the year. Our performance speaks to the spirit of resilience that runs through the organization as we have strongly bounced back from the covid impacted performance of the same period in 2020.

“As the economy opens back up fully, we expect to see a stronger performance for the full year 2021. Over the course of the second half of 2021, the bank will continue its strong focus on the digital business, pushing for further gains in customer acquisition, consumer lending, and transaction volumes while on the commercial side of the bank, we will continue to aggressively grow our commercial lending business alongside trade and other revenue lines.”

Also commenting on the result was the Chief Finance & Strategy Officer, Tunde Mabawonku, who said, “We are delighted to announce the Bank’s H1 2021 results. The performance shows growth in key financial metrics despite the challenging macro-economic environment arising from the covid 19 pandemic.”

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The total gross earnings rose by 4.94 percent year-on-year to N39.82 billion in the first half of 2021 from the N37.95 billion recorded in the same period the previous year.

The report added that the net-interest income appreciated by 55.2 percent to N18.31 billion in H1 2021 from N11.80 billion in H1 2020, while its non-interest income fell to N7.64 billion from N8.30 billion reported in H1 2020.

Explaining the key to the bank’s financial success, Mabawonku said, “The key measure of success for us is growth in customers and customer activity – and we are glad that we are reporting strong growth here.”

On appointments, WEMA Bank noted that Mr. Emeka Obaigwu was appointed as an Executive Director, and Prince Olusegun and Adeyemi Adefarakan were appointed as non-executive directors.

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