Wema Bank’s Profits After Tax has increased by 43.64% to N2.61billion at the end of June 2019 from N1.81billion in the corresponding period of 2018, Nairametrics has reported.
This was contained in a notification to the Nigerian Stock Exchange (NSE) and the investing public at large.
Gross earnings increased by 27.47% to N40.83bn from N32.03bn in H1 2018 driven by double-digit growth in interest and fee-based income. Profit Before Tax was N2.61billion a 43.64% growth when compared to N1.82billion reported in H1 2018.
Regulatory ratios remained above the required thresholds with Capital Adequacy Ratio at 14.59% and liquidity ratio at 34.81% respectfully.”
Reacting to the recent profit leap, the Managing Director of the bank, Ademola Adebise, ascribed the bank’s financial performance in the first half of the year to Wema Bank’s expectations and strategic aspirations.
Despite the adverse economic conditions with Gross Domestic Product growing slowly at slightly above 2%, the bank has been able to grow deposits by 20.80% and increased its loan book by 11.41%. The bank’s loan to deposit ratio was above the new minimum threshold of 60% with NPLs below 5%.
Adebise added that within the first half of the year, the digital bank highlighted the inclusion of women and improvement of the society. As part of key initiatives, the bank inaugurated “Sara by Wema,” a community designed to support women to benefit from growth opportunities that helped maximize their personal or business goals.
“Within the period, the bank had its first hackathon event, Hackaholics, to bring young Nigerian entrepreneurs together to solve problems using technology and to provide them with financial and business advisory services. ALAT, our flagship digital bank, now accounts for close to half-a-million customers on our platform.” ,” Adebise concluded.