Wema Bank Plc has announced its financial results for the year ended December 31, 2021, showing an increase of 108.3 per cent in Profit Before Tax (PBT) to N12.38 billion.
This was driven by a Year-on-Year growth of 15.35 per cent in gross earnings to N92.14 billion in FY 2021 from N79.88 billion in FY’20. In a statement released by the bank, its Managing Director, Mr. Ademola Adebise, said: “I am delighted to announce our performance for the year ended December 31, 2021. The bank’s FY’21 results show robust growth in all key financial metrics despite the challenging macro-economic environment.
“Our year end numbers highlight the strong growth trajectory of the financial institution. We comfortably crossed the N1 trillion mark in total assets, with a share of approximately three per cent of industry deposits.”
The Chief Finance Officer of the bank, Mr. Tunde Mabawonku, noted: “A key measure of success for us is a consistent growth in our balance sheet and customer base – and we are glad that we are reporting healthy growth in all these areas.
“Deposit Liabilities grew by 15.23 per cent to N927.47 billion in FY’21 from N804.87 billion in FY’20, while Total Asset increased by 20.23 per cent to N1.164.52 billion in FY’21 from N968.58 billion in FY’20.”
Mabawonku also added that “looking forward, we expect that the strong growth will be sustained despite the tough business climate as we execute our customer experience improvement initiatives built around a digital first banking strategy and become first in class in that sphere.
The bank will also 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 and commercial play. “On our commercial business, we will continue our aggressive strategy to improve our lending business alongside trade and other revenue lines.
We have also unveiled our new Mission and Vision statements which underpins our corporate strategy. We want to be the dominant digital platform in Africa delivering seamless financial service.
