Wema Bank Plc, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank (ALAT), has announced a 70 percent growth in Profit Before Tax (PBT), from N1.80billion in Q3’2017 to N3.07billion in Q3’2018. Profit after Tax (PAT) rose by 72.55% to N2.64billion in Q3’2018 from N1.53billion in Q3’2017.
Gross earnings grew by 7.96% from N45.38billion in Q3’2017 to N48.99billion as at Q3’2018 this was supported by increased contribution from non-interest income which rose by 24.85% from N8.09billion in Q3’2017 to N10.10 billion, as at Q3’2018. Net loans increased by 13.44% from N215.8billion (2017FY) to N244.8billion (Q3’2018).
Deposit volume increased by 42.36% to N362.3billion (FY 2017 N254.5%billion), this is driven by the continued brand acceptance and customer acquisition initiatives involving branch network expansion and service improvements across our digital platforms (ALAT, USSD*945).
The Bank also recorded significant growth in Agency Banking partnerships, with the number of agents increasing by 27% to 1076 agents as at Q3’2018 across all the 36 states of Nigeria.
Providing further insights into the performance of the Bank during the period Mr. Ademola Adebise, the Managing Director/Chief Executive Officer of Wema Bank, stated that “the Bank’s focus remains on the Retail market segment driven by its success in digital on-boarding.”
He also noted that Bank has set out to Double all indices by leveraging on digital innovation while it looks to further deepen its partnerships in the Commercial end of the market with new. “Partnerships are key to the success of our franchise and we have created structures that will help deepen our market share,” Adebise added.
As part of its efforts to position itself for continued growth, the Bank opened its Series II Bond Issuance Program of N20 billion on 28th September 2018. The Bond issuance, which is a 7-year bond (Callable after 5 years) 2018-2025, was a huge success.
In building a robust retail bank, Wema has expanded its footprint over the past few years, increasing its presence in the North and Eastern regions of the country and aggressively growing its agent banking business to reach the financially excluded and branch-starved communities.
The bank recently opened new branches in Sangotedo, Lagos; Jebba in Kwara; Aba in Abia; and Ilupeju in Lagos State.
The Bank hopes to continue to build on the success recorded in the last few months and close the financial year with improved year-on-year growth.