Thursday, July 29, 2021 / 8:33 PM / NGX / Header Image Credit: Wema Bank
Wema Bank Plc released its Q2 2021 Unaudited results for the period
ended June 30th, 2021.
Earnings grew by 8% to N41bn from N38bn in the previous quarter.
before tax grew by 149% to N4.3bn.
- Profit after
tax grew by 149% to N3.7bn.
- Net Assets
grew by 3.2% from N59bn to N61bn.
- Share Price
Currently Stands at N0:85k
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WEMA BANK Announces a Growth of 149% in Profit Before Tax (PBT),
Commenting on the results, Mr. Ademola Adebise,
the Managing Director said, "We are pleased to release our results for the
first half of the year. Our performance speaks to the spirit of resilience that
runs through the organization as we have strongly bounced back from the covid
impacted performance of the same period in 2020.
As the economy opens back up fully, we
expect to see a stronger performance for full year 2021. Over the course of the
second half of 2021, the bank will continue its strong focus on the digital
business, pushing for further gains in customer acquisition, consumer lending
and transaction volumes while on the commercial side of the bank, we will
continue to aggressively grow our commercial lending business alongside trade
and other revenue lines."
The bank recently appointed Mr. Emeka
Obiagwu as an Executive Director while Prince Olusegun Adesegun & Adeyemi
Adefarakan were appointed as Non-Executive Directors.
The Chief Finance & Strategy Officer, Tunde
Mabawonku said "We are delighted to announce the Bank's H1 2021 results.
The performance shows growth in key financial metrics despite the challenging
macro-economic environment arising from the covid 19 pandemic."
- Wema Bank recorded YoY growth
of 149% in profit before tax (PBT) to close the quarter at N4.3bn;
- Gross earnings grew by 4.94% y-o-y to N39.82bn in H1 2021 (H1 2020: N37.95bn).
- Net fee and commission income increased by 71.7% y-o-y to N5.40bn in H1 2021(H1 2020: N3.1bn), due to 112.6% increase
in credit related fees, 151.5% increase in management fees, 147.7% growth
in fees on financial guarantees.
According to Mr. Mabawonku, "The key measure
of success for us is growth in customers and customer activity - and we are
glad that we are reporting strong growth here."
- Total liabilities grew by 4.9%
in H1 2021 (H1 2020: N909.2bn), driven by deposits from customers which grew
by 0.5% to N808.8bn
in H1 2021 (FY 2020: N804.8bn)
- Cost of funds declined to 5.3%
from 6.4% in H1, 2020. NPL numbers remained below 5% at 3.55% while
Capital Adequacy of 13.24% is above the regulatory minimum of 10%.
- Gross earnings increased by
4.94% (Y-o-Y) to N39.82bn
in H1'2020 from N37.95bn
in H1 2020
- Reported Profit before Tax
(PBT) and Profit After Tax (PAT) of N4.30bn and N3.70bn, an increased by 148.8% in H1'2021 (H1'2020; N1.72bn PBT, N1.49bn PAT)
- Net-Interest Income grew by
55.2% to N18.31bn
( H1'2020: N11.80bn)
- Non-Interest Income declined to N7.64bn
Statement of Financial Position
- Deposit Liabilities up by 0.5%
(FY 2020: N804.87bn)
- Net loans grew by 3.63% to N373.15bn (FY 2020: N360.08bn)
- Total Asset increased by 4.76%
(FY 2020: N979.52bn)
- ROAE of 14.03% in H1'2021
- ROAA of 0.82% in H1'2021
- 3.55% NPL ratio (H1'2020;
- CAR is 13.24% (H1'2020; 11.00%)
Fitch, GCR and Agusto re-affirm Wema's National
Long-term rating at (BBB-)
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1% of WEMABANK's Outstanding Shares Traded on NSE Today.