Wema Bank grows balance sheet size to N1tr

Wema Bank grows balance sheet size to N1tr – Wema Bank Plc has  announced its audited results for year ended December 31, 2020 which showed over N1trillion balance sheet size.

The Chief Finance Officer of the bank, Tunde Mabawonku who gave gave updates on the results, said the bank weathered the disruptions of the 2020 financial year through a sharp focus on safe lending, keeping non performing loans low and driving transaction income.

He explained further that the bank remains resilient and has continued to grow its business in an efficient manner as we persist in adapting our strategy to yield strong financial results despite the adverse economic situation.

The bank recorded a year on year double-digit growth of 39.42 per cent in customer deposit to N804.87 billion, compared with N577.28 billion the previous year.

The results show that net loans closed at N360.08 billion, a growth of 24.49 per cent, as the bank continues to support its customers across multiple sectors of the economy. The bank’s total assets and contingents stood at  over N1 trillion.

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Non-Performing Loans (NPL) was pushed down to 4.70 per cent year-on-year from 7.38 per cent in 2019.

The bank closed with total assets and contingents of over N1 trillion, with a dividend of four kobo per share, the third straight year that the bank has paid dividends.

According to Mabawonku, “We have a clear strategy of becoming the “Most Dominant Digital Bank in Nigeria” by 2023.

We have positioned ALAT as the go-to platform by both increasing customer acquisition and working with eco-system partners on payments and settlements.

During the year, Wema Bank was ranked 2nd in the Retail Category and Sixth in the SME category in the 2020 KPMG Customer Satisfaction Survey.

The bank also received an award for the Best SME Bank of the Year for 2020 from BusinessDay, thus recognizing Wema Bank’s continuous support for small and medium scale businesses through loans, business advisory and innovative payments & collections support.