Finance

Wema Bank’s assets cross N1tn mark

Wema Bank’s profit rises by 97 per cent to N10.48bn

Wema Bank Plc has said that it recorded over N1 trillion total assets as of the end of December 31, 2021.

In a statement from the bank, the Managing Director, Mr Ademola Adebise, said, “I am delighted to announce our performance for the year ended 31st December 2021.

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 “The bank’s final year 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 N1tn mark in total assets, with a share of approximately three per cent of industry deposits.”

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The statement said Wema Bank recorded an increase of 108.3 per cent in profit before tax to close the year at N12.38bn.

This was driven by a year-on-year growth of 15.35 per cent in gross earnings to N92.14bn in FY 2021, from N79.88bn in FY 2020.

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The Chief Finance Officer of the bank, Mr Tunde Mabawonku, said “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.”

Punch

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