Wema Bank posts N2.61b half-year Profit Before Tax (PBT 30 The result is a significant increase from N1.81 billion posted in 2018.
Commenting on the results, the banks Managing Director/Chief Executive Officer Ademola Adebise, said: “The financial performance of the bank in the first half of the year is largely in line with our expectations and our strategic aspirations.
“Despite the prevailing tepid economic conditions with Gross Domestic Product growing slowly at slightly above two percent, the bank has been able to grow deposits by 20.80 percent and increase its loan book by 11.41 percent.”
According to him, the bank’s Loan to Deposit ratio (LDR) was above the new minimum threshold of 60 percent with non-performing loans below five percent.
Earnings increased by 27.47 percent to N40.83 billion from N32.03 billion reported in the first half of 2018 driven by double-digit growth in interest and fee-based income.
Profit before tax was N2.61 billion, a 43.64 percent growth when compared to N1.82 billion reported in the first half of 2018.
He said regulatory ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 14.59 percent and Liquidity Ratio at 34.81 percent.
“Within the 1st half of the year, inspired by the need for improvement of women and the society, the bank launched “Sara by Wema”, a community designed to support women to benefit from growth opportunities that help maximize their personal or business goals.
Also, within the period, the bank had its first hackathon event, Hackaholics, to bring young Nigerian entrepreneurs together to solve problems using technology and to provide them with financial and business advisory services.
ALAT, our flagship digital bank, now accounts for close to half-a-million customers on our platform.”
Adebisi further stated that “the economy is still not growing fast enough and there are concerns that the fragile recovery can be derailed if key structural reforms are delayed.”
Source: The Nations