Wema Bank’s profit rises by 43.64%.
Wema Bank Plc has said that its profit before tax rose by 43.64 per cent to N2.61bn at the end of June 2019, from N1.81bn in the corresponding period of 2018.
The bank said this in a statement on its unaudited financial result for the six months ended June 30.
Commenting on the results, the Managing Director/ Chief Executive Officer of the bank, 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 per cent, the bank has been able to grow deposits by 20.80 per cent and increase its loan book by 11.41 per cent. The bank’s loan to deposit ratio was above the new minimum threshold of 60 per cent with NPLs below five per cent.
“Gross earnings increased by 27.47 per cent to N40.83bn from N32.03bn reported in H1 2018 driven by double-digit growth in interest and fee-based income. Profit before tax was N2.61bn, a 43.64 per cent growth when compared to N1.82bn reported in H1 2018.
“Regulatory ratios remained above the required thresholds with Capital Adequacy Ratio at 14.59 per cent and liquidity ratio at 34.81 per cent.”
He said that within the first half of the year, inspired by the need for improvement of women and the society, the bank inaugurated “Sara by Wema,” a community designed to support women to benefit from growth opportunities that helped maximise their personal or business goals.
Adebise said, “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.”