Nigeria’s leading innovative bank, Wema Bank Plc on Wednesday announced a N3.06 billion profit for the nine month period ending September 30, 2020
The bank’s Managing Director/Chief Executive Officer Mr. Ademola Adebise who disclosed this in a statement on Wednesday, said the bank recorded a better third quarter compared to the second quarter.
He said. “Our performance improved significantly on the heels of increased economic activities across the country. We recorded a better 3rd quarter compared to the 2nd quarter though average numbers still slightly fall below their 2019 peak volumes.
“The bank’s gross earnings stood at N57.83billion and Profit Before Tax (PBT) is N3.06billion.
Customer Deposit closed at N701.84billion, representing a 21.58% 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% growth in loans to N359.8billion.”
The bank chief said the bank, in response to the impact of COVID-19, supported local, state and federal efforts in providing relief to those impacted directly and indirectly and supported customers through the suspension of loan repayment for SMEs, customised loan extension and moratorium, increase 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 pandemic 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”.
Ademola Adebise, further commented that “during the last quarter, the Bank further strengthened its governance structures with changes on the Board, appointing Mr. Oluwole Ajimisinmi as an Executive Director and an Independent Non-Executive Director – Mrs Ibiye Ekong”.