LAGOS – Wema Bank’s resilience was on display as the digitally driven financial institution announced its financial results for the year ended December 31, 2021.
The performance which capped a remarkable year showed strong growth in key financial indices especially as the bank crossed the N1 trillion mark in total assets.
Mr. Ademola Adebise, the Managing Director in a statement, said: “I am delighted to announce our performance for the year ended 31st December 2021. The bank’s full year (FY) 2021 results shows 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 3 per cent of industry deposits.”
Wema Bank recorded an increase of 108.3 per cent in profit before tax (PBT) to close the year at 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 the corresponding period of 2020.
Mr. Tunde Mabawonku, the Chief Finance Officer of the bank, noted that “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 2021 from N804.87 billion in FY 2020 while total assets increased by 20.23 per cent to N1.164.52 billion from N968.58 billion in 2020.
Looking forward, Mabawonku said: “ 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”.