Wema bank announces 135.8% growth in profit before tax

Wema Bank Plc has announced an increase of 135.8 per cent in profit before tax (PBT) to close its third quarter at N7.2 billion on the back of a Year-on-Year (Y-oY) growth of 9.1 per cent in gross earnings to N63.1 billion from N57.8 billion.

In its unaudited financial results its total assets increased by seven per cent to N1.07 trillion from N979.5 billion 2020.

Chief Finance Officer of Wema bank, Mr Tunde Mabawonku said, “we are delighted to announce the bank’s nine months 2021 results which shows strong growth in key financial metrics despite the challenging macro-economic environment arising from heightened inflation, supply chain disruptions and the continued pass-through impact of the Covid-19 pandemic.”

“The numbers show the Bank continues to grow and improve its market share. We have now comfortably crossed the N1 trillion mark in total assets and have a share of close to three per cent of industry deposits”.

According to Tunde Mabawonku, “The key measure of success for us is growth in customer numbers and customer activity – and we are glad that we are reporting strong growth here.”