Wema Bank Plc has released its unaudited nine months financial results for the period ended September 30, 2020. The result showed gross earnings of N57.83 billion and Profit Before Tax (PBT) of N3.06 billion.
The bank also grew customer deposits by 21.58 per cent to N701.84 billion. Despite the tough regulatory regime on cash reserve ratio (CRR), Wema Bank continues to support various sectors of the economy as witnessed in the 24.39 per cent growth in loans to N359.8 billion.
The bank’s deposit liabilities grew by 21.58 per cent to N701.84 billion from N577.28 billion in financial year 2019 . Net Loans grew by 24.39 per cent to N359.80 billion from N289.24 billion in financial year 2019 while total asset grew by 20.64 per cent to N863.64 billion from N715.87 billion in financial 2019.
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Commenting on the result, Wema Bank’s Managing Director/Chief Executive Officer Ademola Adebise said: “We are pleased that our performance has improved significantly on the back of increased economic activities across the country; we recorded a better third quarter compared to the second quarter though average numbers still slightly below their 2019 peak volumes”.
