Finance

Wema Bank’s deposits hit N804.87bn

Wema Bank grows gross earnings by 42.3% to N131.08bn

Wema Bank Plc has said non-performing loans was pushed down to 4.70 per cent at the end of the financial year 2020 from 7.38 per cent in 2019, while total assets and contingents were over N1tn.

It disclosed this in a statement on its audited results for the year ended December 31, 2020 titled ‘Wema Bank proposes third consecutive dividend payment, grows balance sheet to N1tn’ on Tuesday.

The bank disclosed that it recorded a year-on-year double-digit growth of 39.42 per cent in customer deposit (FY 2020; N804.87bn, FY 2019; N577.28bn).

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It proposed a dividend of 4 kobo per share in FY 2020 (FY 2019: 4kobo), noting this was the third straight year of paying dividends.

The Chief Finance Officer of the bank, Tunde Mabawonku, said the bank weathered the disruptions of the 2020 financial year through a sharp focus on safe lending, keeping non-performing loans low and driving transaction income.

He explained that the bank remained resilient and had continued to grow its business in an efficient manner as it persisted in adapting its strategy to yield strong financial results despite the adverse economic situation.

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The results showed that net loans closed at N360.08bn, a growth of 24.49 per cent (FY 2019; N289.24bn), as the bank said it continued to support its customers across multiple sectors of the economy.

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Mabawonku said, “We have a clear strategy of becoming the most dominant digital bank in Nigeria by 2023.

“We have positioned ALAT as the go-to platform by both increasing customer acquisition and working with eco-system partners on payments and settlements.”

During the year, Wema Bank was ranked second in the retail category and sixth in the SME category in the 2020 KPMG customer satisfaction survey, according to the statement.

Punch

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