FG Partners Wema Bank To Establish Digital and SkillNovation Hubs Across States

Posted on August 7, 2023August 7, 2023 by webmaster

FINANCIAL RESULTS FOR THE PERIOD ENDED 31st OF DECEMBER 2022

Posted on April 20, 2023April 20, 2023 by DigitalMCIR

FINANCIAL RESULTS FOR THE PERIOD ENDED 31^st OF DECEMBER 2022

WEMA Bank Plc. Reports Gross Earnings of ₦131.1 billion, up 42.3% y-o-y, declares dividend of 30kobo per share.

LAGOS, NIGERIA – March 31^st, 2023 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema’ or “the Bank”), announces its Audited results for Q4 ended 31st December 2022.

The bank recorded Gross Earnings of ₦131.08bn, a y/y increase of 42% (FY 2021: ₦92.14bn). Interest Income up 44.7% y/y to ₦106.07bn (FY 2021: ₦73.30bn). Non-Interest Income up 32.8% y/y to ₦25.01bn (FY 2021: ₦18.83bn). Profit before Tax (PBT) was ₦14.74bn a y/y increase of 19.1% over the ₦12.38bn reported in FY 2021. Profit after Tax (PAT) also increased y/y by 25.5% to ₦11.21bn (₦8.93bn in FY 2021).

The bank grew its deposit year to date by 26% as at FY 2022 to ₦1,165.93bn from ₦927.47bn reported in FY 2021. Loans and Advances rose by 24% to ₦521.43bn in FY 2022 from ₦418.86bn in FY, 2021.

Income statement (N’bn)	FY 2022	FY 2021	(∆)
Gross Earnings	131.08	92.14	42.3%
Net Interest Income	54.07	39.87	35.6%
Interest Income	106.06	73.30	44.7%
Non-interest income	25.01	18.83	32.8%
Operating Income	74.28	56.60	31%
Operating expense	59.53	44.22	35%
Profit before Tax	14.74	12.38	19%

Balance Sheet (N’bn)	FY 2022	FY 2021	(∆)
Total Assets	1,433.70	1,164.52	23%
Loans and Advances (net)	521.43	418.86	24%
Total Deposits	1,165.93	927.47	26%
Shareholder’s Funds	82.62	70.36	17%

Ratio (%)	FY 2022	FY 2021	(∆)
Return on Average Equity	19.28	17.26	12%
Return on Average Asset	1.14	1.16	2%
Net Interest Margin	6.73	6.18	9%
Yield on Asset	16.32	14.29	14%

Commenting on the result, the Managing Director/Chief Executive Officer of the Bank, Mr. Moruf Oseni said,

‘Our 2022 results show the result of the careful execution of our medium-term strategy as we have deliberately focused on deepening our offerings to the corporate, commercial, and retail segments of the market using our digital channels while ensuring best-in-class customer experience platforms deliver improvements across all customer touchpoints. We expect the bottom line to improve even further in 2023.

Also speaking on the result, the Bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the bank’s continuous investment in the digital space has positioned it as one of the leaders in providing digital banking services to individuals and corporates across the country.

“It has been a good full-year performance for Wema Bank with gross earnings growing by 42.3% year on year and earnings per share at 87.2kobo,” Mabawonku said.

“We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in the country with our ubiquitous fintech infrastructure support play”.

For further information, please contact:

Wema Bank Investor Relations

Investor.relations@wemabank.com

+234 (01) 2778600

Tunde Mabawonku

Executive Director (CFO)

Tunde.Mabawonku@Wemabank.com

Femi Akinfolarin

Head Strategy and Investor Relations

femi.akinfolarin@wemabank.com

+234 8134527279

Wema Bank’s Webinar to Share Strategies of Growth for Tech Start-ups and SMEs in Nigeria

Posted on November 1, 2022November 1, 2022 by DigitalMCIR

Wema Bank, Nigeria’s most innovative bank, has announced that the next edition of its quarterly webinar, aimed at assisting the small and medium-scale enterprise (SME) and early-stage start-up segments of its customer base, will hold on Friday, 21 October, 2022 by 10 a.m.

Arthur Nkemeh, Head of SME Banking at Wema Bank said the webinar, themed, “From Start-up to Unicorn: Strategies for Sustainably Scaling a Tech Company in Nigeria,” will focus on the strategies that start-ups and SMEs in the tech space in Nigeria can adopt to develop the capacity needed to withstand the challenges facing the tech industry around the world.

“We have seen many tech companies in Nigeria and around the world struggle to raise funds, lay off their employees and slash their workers’ salaries in recent times. We want to utilize this webinar to share insights with the tech start-up and SME community in Nigeria on the strategies that they can adopt to navigate these challenges and build structures that will ensure that they will continue to grow.”

He further said that the October webinar will address some of the biggest challenges facing the tech start-ups and tech-enabled SMEs in the country – such as managerial capacity, talent acquisition and retention, access to credit and partnerships, among others – and find the right path to profitability.

“The year 2022 has been very challenging for many tech companies, not just in Nigeria, but around the world. However, we have seen, with the success being recorded by some tech companies within and outside Nigeria, that most of the challenges facing this sector are surmountable if the companies are given the right boost. The webinar will avail tech startups and tech-oriented SMEs ups with the tools that they need to grow.”

Nkemeh informed that Ashim Egunjobi, Managing Partner of Octerra Capital; Oluwole Oyeniran, Enterprise Technology and Performance Leader and TMT Leader for Deloitte in West Africa; and Eyitayo Ogunmola, founder and CEO of Utiva, have been confirmed as guest speakers at the webinar.

The Head of SME Banking at Wema Bank noted that Wema Bank’s quarterly SME Webinar series, which is aimed at facilitating the growth of the SME and early-stage startup sectors in Nigeria, is borne out of the bank’s understanding of the role these sectors play in the Nigerian economy and the immense potentials that they hold.

“According the Nigerian Bureau of Statistics (NBS), the MSMEs sector has over 37 million MSMEs, employs over 54 million skilled and unskilled labour and contributes about 54 percent to GDP of the country. Tech start-ups, on the other hand, have been at the forefront of innovation across various sectors in the country. Wema Bank sees these contributions as cogent and makes these start-ups and SMEs worthy of all the support they can get. The quarterly webinar series is one of the ways Wema Bank demonstrates its support to the growth of these all-important businesses,” Nkemeh concluded.

FINANCIAL RESULTS FOR THE PERIOD ENDED 30th SEPTEMBER 2022

Posted on October 29, 2022November 9, 2022 by DigitalMCIR

WEMA Bank Plc. Reports Gross Earnings of N93.85bn, a 52% growth rate For The 9 Months Ended 30th September 2022.

LAGOS, NIGERIA – October 28, 2022 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema’ or “the Bank”), announces its unaudited results for the 9 months ended 30th September 2022.

The bank recorded Gross Earnings of ₦93.85bn, a y/y increase of 52% (9m 2021: ₦61.57bn). Interest Income up 57% y/y to ₦78.48bn (9m 2021: ₦50.04bn). Non-Interest Income up 33% y/y to ₦15.38bn (9m 2021: ₦11.57bn). Profit before Tax (PBT) was ₦9.46bn a y/y increase of 31% over the ₦7.21bn reported in 9m 2021. Profit after Tax (PAT) also increased y/y by 31% to ₦8.19bn (₦6.24bn in 9m 2021).

The bank grew its deposit year to date by 16% as at 9m’ 2022 to ₦1,079.58bn from ₦927.47bn reported in FY 2021. Loans and Advances rose by 10% to ₦461.92bn in 9m’2022 from ₦419bn in FY, 2021.

Income statement (N’bn)	9m 2022	9m 2021	(∆)
Gross Earnings	93.85	61.57	52%
Net Interest Income	38.47	28.46	35%
Interest Income	78.48	50.04	57%
Non-interest income	15.38	11.57	33%
Operating Income	51.72	39.17	32%
Operating expense	42.26	31.96	32%
Profit before Tax	9.46	7.21	31%

Balance Sheet (N’bn)	9m 2022	FY 2021	(∆)
Total Assets	1,335.36	1,164.52	15%
Loans and Advances (net)	461.92	418.86	10%
Total Deposits	1,079.58	927.47	16%
Shareholder’s Funds	75.46	70.36	7%

Ratio (%)	9m 2022	9m 2021	(∆)
Return on Average Equity	17.31	15.04	15%
Return on Average Asset	1.01	0.90	12%
Net Interest Margin	6.57	6.37	3%
Yield on Asset	16.33	11.20	46%

Commenting on the result, the Managing Director, Chief Executive Officer of the bank, Mr. Ademola Adebise said,

‘The impressive results are built around three core areas; strong management of our credit exposures despite a difficult economic and regulatory landscape; increased customer acquisition and wallet share of those customers and a stronger focus on the corporate and SME segments. We expect the bottom line to improve even further in the final quarter of the year.

Also speaking on the result, the bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the bank’s continuous investment in digital assets is a contributing factor to the strong performance in the last quarter.

“It has been a good 9 months with our earnings growing by 52% year on year and earnings per share at 84.9kobo,” Mabawonku said.

“This performance is a result of our ability to translate our digital play in two ways. One, by making ourselves the key partner for FinTechs in the country, and secondly by improving customer satisfaction through improved services and features on our digital platforms. ‘In addition, we have managed to navigate the turbulent economic and regulatory spaces with a strong focus on cost management and reduction while also driving business in attractive sectors.

[END]

For further information, please contact:

Wema Bank Investor Relations

Investor.relations@wemabank.com

+234 (01) 2778600

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WEMA Bank Plc Reports Gross Earnings of N59.59bn

Posted on August 4, 2022August 8, 2022 by DigitalMCIR

WEMA Bank Plc Reports Gross Earnings of N29.14billion for 3 Months

Posted on May 4, 2022May 6, 2022 by DigitalMCIR

AGM Notice and Proxy Form 2021

Posted on April 26, 2022April 26, 2022 by DigitalMCIR

WEMA BANK Announces 108.3% Growth In Profit Before Tax and Total Assets Now Above ₦1Trillion

Posted on April 5, 2022April 5, 2022 by DigitalMCIR

Wema Bank announces growth of 135.8% in Profit Before Tax; Total Assets now above ₦1trillion Naira

Posted on October 30, 2021November 9, 2021 by DigitalMCIR

LAGOS, NIGERIA – 22^nd October 2021 – Wema Bank PLC (Bloomberg: WemaBank:NL) (“Wema” or “the Bank”) announces its unaudited 9M 2021 financial results.

Commenting on the results, the Chief Finance Officer Mr Tunde Mabawonku said, “we are delighted to announce the Bank’s 9M 2021 results which shows strong growth in key financial metrics despite the challenging macro-economic environment arising from heightened inflation, supply chain disruptions and the continued pass-through impact of the Covid-19 pandemic.”

“The numbers show the Bank continues to grow and improve its market share. We have now comfortably crossed the ₦1trillion mark in total assets and have a share of close to 3% of industry deposits”.

Wema Bank recorded an increase of 135.8% in profit before tax (PBT) to close the quarter at N7.2billion. This follows a Year-on-Year growth of 9.1% in gross earnings to ₦63.1billion in 9M 2021 from ₦57.8billion in 9M 2020.

According to Tunde Mabawonku, “The key measure of success for us is growth in customer numbers and customer activity – and we are glad that we are reporting strong growth here.” Deposit Liabilities grew by 9.3% to ₦879.8billion in 9M 2021 from ₦804.9billion in FY 2020 while Total Asset increased by 10.7% to ₦1.08trillion in 9M 2021 from ₦979.5billion in FY 2020.

We have also unveiled our new Mission and Vision statements which align to our strategy. We want to be the dominant digital platform in Africa delivering seamless financial services. This plan started with the launch of ALAT a few years ago and is now being accelerated in the last few months.

“We are sure to close the year with an even stronger performance; we will also continue to focus on our digital business, which is a key boost for customer acquisition, consumer lending and transaction volumes while not neglecting our corporate and commercial play. On our commercial business, we will continue our aggressive strategy to improve our commercial lending business alongside trade and other revenue lines’.

Income Statement

· Gross earnings increased by 9.1% (Y-o-Y) to ₦63.1billion in 9M 2021 from ₦57.8billion in 9M 2020.

· Profit before Tax (PBT) and Profit After Tax (PAT) of ₦7.2billion and ₦6.2billion respectively, an increase of 135.8% in 9M 2021 (9M 2020; ₦3.1billion PBT, ₦2.6billion PAT).

· Net-Interest Income grew to ₦28.4billion in 9M 2021from ₦20.1billion in 9M 2020; growth of 41.5%.

· Non-Interest Income also increased from ₦11.4billion in 9M 2021 to ₦11.5billion; growth of 0.9%.

Statement of Financial Position

· Deposit Liabilities up by 9.3% to ₦879.8billion in 9M 2021 from ₦804.9billion in FY 2020.

· Loans and Advances to Customers rose by 10.3% to ₦397.3billion in 9M 2021 from ₦360.1billion in FY 2020.

· Total Asset increased by 10.7% to ₦1.07trillion in 9M 2021 from ₦979.5billion in FY 2020.

Key Ratios

· Return on average equity of 15.04% in 9M 2021 (9M 2020; 7.26%)

· Return on average assets of 0.90% in Q9M 2021 (9M 2020; 0.48%)

· 4.30% Non-performing loan ratio (9M 2020; 4.67%)

· Capital adequacy ratio of 11.64% (9M 2020; 11.35%)

Operational Achievements

· Fitch re-affirms Wema Bank’s National Long-term rating at (BBB)

· GCR and Agusto re-affirm Wema’s National Long-term rating at (BBB-)

WEMA BANK announces a growth of 149% in Profit Before Tax (PBT), to N4.3billion.

Posted on October 25, 2021October 25, 2021 by DigitalMCIR

LAGOS, NIGERIA – 28^th July, 2021 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema” or “the Bank”) announces its unaudited H1, 2021 financial results.

Key Financial Highlights

Total assets	N979.52bn (FY 2020)	N1.02trn (H1 2021)
Gross earnings	N37.95bn (FY 2020)	N39.82bn (H1 2021)
PBT	N1.72bn (H1 2020)	N4.30bn (H1 2021)
CAR	11.00% (H1 2020)	13.2% (H1 2021)

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 N3bn;
Gross earnings grew by 4.94% y-o-y to ₦82bn in H1 2021 (H1 2020: ₦37.95bn).
Net fee and commission income increased by 71.7% y-o-y to ₦40bn in H1 2021(H1 2020: ₦3.1bn), 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% to ₦9bn in H1 2021 (H1 2020: ₦909.2bn), driven by deposits from customers which grew by 0.5% to ₦808.8bn in H1 2021 (FY 2020: ₦804.8bn)
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%.

Income Statement

Gross earnings increased by 4.94% (Y-o-Y) to ₦82bn in H1’2020 from ₦37.95bn in H1 2020
Reported Profit before Tax (PBT) and Profit After Tax (PAT) of ₦30bn and ₦3.70bn, an increased by 148.8% in H1’2021 (H1’2020; ₦1.72bn PBT, ₦1.49bn PAT)
Net-Interest Income grew by 55.2% to ₦31bn ( H1’2020: ₦11.80bn)
Non-Interest Income declined to ₦64bn from ₦8.30bn in H1’2020

Statement of Financial Position

Deposit Liabilities up by 0.5% to ₦87bn (FY 2020: ₦804.87bn)
Net loans grew by 3.63% to ₦15bn (FY 2020: ₦360.08bn)
Total Asset increased by 4.76% to ₦02trn (FY 2020: ₦979.52bn)

Key Ratios

ROAE of 14.03% in H1’2021 (H1’2020; 6.25%)
ROAA of 0.82% in H1’2021 (H1’2020; 0.42%)
55% NPL ratio (H1’2020; 5.58%)
CAR is 13.24% (H1’2020; 11.00%)

Operational Achievements

Fitch, GCR and Agusto re-affirm Wema’s National Long-term rating at (BBB-)

Income statement (₦’bn)	FY 2021	FY 2020	(∆)	(∆%)
Gross Earnings	92.14	79.88	12.26	15.35%
Interest Income	73.30	63.04	10.26	16.27%
Net Interest Income	39.87	30.86	9.01	29.19%
Non-interest income	18.83	16.83	2	11.88%
Operating expense	44.22	36.00	8.22	22.83%
Profit before Tax	12.38	5.94	6.44	108.3%
Profit after Tax	8.93	4.59	4.34	94.53%
Earnings Per Share	23.2kobo	11.9kobo	11.3	95 %

Balance Sheet (₦)	FY 2021	FY 2020	(∆)	(∆%)
Total Assets	1,164.52bn	968.58bn	195.95bn	20.23%
Loans and Advances	418.86bn	360.08bn	58.79bn	16.33%
Deposits	927.47bn	804.87bn	122.60bn	15.23%
*Shareholders’ Funds*	70.36bn	59.14bn	11.22bn	18.97%

Key Ratios (in %)	FY 2021	FY 2020	(∆)
Return on Average Equity	17.26	14.31	2.95
Return on Average Asset	1.16	0.85	0.31
Yield on Asset	14.29	14.49	-0.20
Net Interest Margin	6.18	5.74	0.44
Capital Adequacy Ratio	15.46	12.35	3.11
Loan-to-Deposit Ratio	46.96	43.86	3.10
Non-Performing Loans Ratio	4.88	4.45	0.43
Cost to Income Ratio	78.12	83.79	5.67