WEMA Bank Plc has announced N2.61 billion Profit Before Tax (PBT) in its half-year unaudited results for the period ended June 30, 2019. 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 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.”
According to him, the bank’s Loan to Deposit ratio (LDR) was above the new minimum threshold of 60 per cent with non-performing loans below five per cent. Earnings increased by 27.47 per cent to N40.83 billion from N32.03 billion reported in 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 per cent growth when compared to N1.82 billion reported in first half of 2018.
He said regulatory ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 14.59 per cent and Liquidity Ratio at 34.81 per cent.
“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 maximise 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.”
Adebise 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.”
