Business

Wema Bank grows Q3 net interest income by 17%

Wema Bank Plc has recorded 16.86 per cent growth in net interest income for the third quarter ended September 30, 2020.

 

According to a report obtained from the Nigerian Stock Exchange, the bank’s net interest income stood at N20.10 billion for the Q3 as against N17.20 billion in 2019, representing a growth of 16.86 per cent.

 

Gross earnings stood at N57.83 Billion from N64.83 billion accounting for a decline of 10.79 per cent while profit after tax was N2.64 billion from N4.09 billion in 2019.

 

Commenting on the result, Wema Bank’s Managing Director/Chief Executive Officer Mr. 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 3rd quarter compared to the 2nd quarter though average numbers still slightly below their 2019 peak volumes. For the 9months ended September 30, 2020, the bank recorded gross earnings of N57.83 billion and Profit Before Tax (PBT) of N3.06 billion.

 

“Customer Deposit closed at N701.84billion, representing a 21.58 per cent year-to-date (YTD) growth. 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 N359.8billion.

 

“In response to the impact of Covid-19, the bank played a role in supporting local, state and federal efforts in providing relief to those impacted directly and indirectly. We also supported customers through the suspension of loan repayment for SMEs, customised loan extension and moratorium, Increased customer engagement through webinars, online channel availability and customer support.

 

“To help in the rebuilding and healing process from the effect of the recent #EndSARS protest, Wema Bank has reached out to all its customers to not only empathize but work with them to create tailored solutions to enable them get their business back on track.

 

“The pace of digital adoption and automation has accelerated across the country and indeed the globe in the light of the COVID-19 crisis and we are pleased as a Bank to have been ahead of the curve with ALAT, Nigeria’s first fully digital bank. In the last quarter, we upgraded to ALAT 4.0 with a whole new personalised experience, thus allowing our customers to do much more with ALAT.

 

“Our focus for the next three years is to continue to transit ALAT and the larger Bank to becoming the dominant digital banking platform in Nigeria and we are confident that we can achieve this feat.

 

Adebise, further commented that “during the last quarter, the bank further strengthened its governance structures with changes on the board. The bank appointed Mr. Oluwole Ajimisinmi as an Executive Director and also appointed an Independent Non-Executive Director, Mrs Ibiye Ekong

 

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