Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. Nigeria
  4. Nigerian Stock Exchange
  5. Wema Bank PLC
  6. News
  7. Summary


End-of-day quote. End-of-day quote Nigerian Stock Exchange - 04/20
0.58 NGN   +1.75%
04/12WEMA BANK  : Financial Fundamentals Remain Strong - CEO
04/05WEMA BANK  : 'Ekiti Didn't Sell Its Wema Bank Shares'
03/19WEMA BANK PLC  : Nomination
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Wema Bank : Posts 56% Profit Growth in 2019

04/23/2020 | 07:07am EDT

Wema Bank Plc has released its audited financial results for the year ended December 31, 2019, which showed that its profit after tax (PAT) grew by 56.16 per cent to N5.2 billion in 2019, compared with the N3.33 billion recorded the previous year.

Also, the bank's profit before tax (PBT) increased by 40.83 per cent year-on-year to N6.76 billion in 2019, up from N4.8 billion in 2018.

According to the results released wednesday, Wema Bank's non-interest income grew by 74.24 per cent in the year under review, from N13.89 billion in 2018, to N24.21 billion in 2019. The drivers to the non-interest income were a 22.93 per cent year-on-year growth in net fees and commission and 167.32 per cent year-on-year growth in trading income.

The bank's customer deposit was also up by 56.35 per cent in the year under review, to N577.28 billion, a against the N369.20 billion recorded in 2018, just as net loans and advances closed at N289.24 billion, an increase of 14.69 per cent when compared to the N252.19 billion in 2018.

Wema Bank's non-performing loans (NPL) also climbed to 7.38 per cent in the full year 2019, from 4.98 per cent in 2018; and its total asset was up by 56.35 per cent.

Commenting on the results, Managing Director/Chief Executive Officer, Wema Bank, Ademola Adebise said: "We are pleased to announce our 2019 financial year results. The results show that year on year, Wema Bank has continued its steady growth trajectory. The bank recorded gross earnings of N94.89 billion which was a 32.65 per cent increase over the 2018 performance of N71.53 billion.

"The bank has continued to grow its deposit base, while also reducing its cost of funds. Deposits are up by 56.35 per cent in the period. Loans and advances grew from N252.19 billion in 2018 to N289.24 billion in full year 2019, a year-on-year increase of 14.69 per cent.

"The bank has also increased its dividend payment from three kobo per share to four kobo per share translating to dividend yield of eight per cent."

Ademola cautioned that, "while the results for 2019 showed very strong growth, the economic headwinds of the last few weeks has moderated our growth expectations for the next few months. It is expected that the economic and social impact of the Covid-19 virus will be far reaching.

"As a bank we have also tried to play a role in supporting local and federal efforts in providing relief to those impacted directly and indirectly.

According to the Wema Bank boss, this "new normal" has necessitated massive adoption of technology across the economy and we are glad that we have stayed ahead of the curve and our previous technology investments have continued to yield results. ALAT, Nigeria'sFirst Fully Digital Bank, continues to record strong performance as adoption rates have grown and customer base is almost at the half a million mark. We plan to continue our growth in customer acquisition and retention despite the headwinds."

Copyright This Day. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

All news about WEMA BANK PLC
04/12WEMA BANK  : Financial Fundamentals Remain Strong - CEO
04/05WEMA BANK  : 'Ekiti Didn't Sell Its Wema Bank Shares'
03/19WEMA BANK PLC  : Nomination
03/18WEMA BANK  : Launches Gender-Focused Loan Offerings
03/08WEMA BANK  : 'Wema Bank Investigating Allegation of Verbal Abuse'
02/26WEMA BANK  : Posts N81 Billion Earnings, N5,1 Billion Profit After Tax
01/13WEMA BANK  : Rated High in Customer Service, Digital Banking
2020WEMA BANK PLC  : 4th quarter report
2020WEMA BANK  : Organises Webinar for SMEs
2020WEMA BANK  : Promotes 214 Staff
More news
Sales 2020 42 967 M 114 M 114 M
Net income 2020 5 062 M 13,4 M 13,4 M
Net cash 2020 103 B 272 M 272 M
P/E ratio 2020 5,26x
Yield 2020 -
Capitalization 22 373 M 58,7 M 59,2 M
EV / Sales 2019 -2,13x
EV / Sales 2020 -1,78x
Nbr of Employees 1 161
Free-Float 39,2%
Duration : Period :
Wema Bank PLC Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Mean consensus SELL
Number of Analysts 1
Average target price 0,56 NGN
Last Close Price 0,58 NGN
Spread / Highest target -3,45%
Spread / Average Target -3,45%
Spread / Lowest Target -3,45%
Managers and Directors
Ademola Abimbola Adebise Chief Executive Officer, Executive Director & MD
Tunde Mabawonku Chief Financial Officer & General Manager
Babatunde Oladele Kasali Non-Executive Chairman
Richard Uba Amafonye Chief Information Officer
Tajudeen Bakare Head-Operations
Sector and Competitors