Wema Bank Plc has reported N5.20 billion Profit After Tax (PAT) in financial year 2019, representing 56.16% increase over the N3.33 billion PAT recorded in 2018. The result, which was made available to the Nigerian Stock Exchange, shows that the bank's gross earnings also rose to N94.89 billion in the year under review, reflecting 32.65% increase over the N71.53 billion reported in 2018
The PBT was N6.76 billion which represents a 40.83% growth over the N4.80 billion reported in 2018 while PAT increased to N5.20 billion up from the N3.33billion recorded in the previous year.
The bank also grew its deposit base, while also reducing its cost of funds. Deposits were up by 56.35percent in 2019, peaking at N577.28 billion as against the N369.20 billion deposit base in the preceding year.
Loans and advances grew from the N252.19 billion reported in 2018 to N289.24 billion in 2019, representing a year-on-year increase of 14.69%.
Due to the improved performance in the year under review, the bank increased dividend payment to shareholders from 3kobo per share to 4kobo per share, translating to dividend yield of 8%.'
Commenting on the financial results, the managing director, Ademola Adebise, noted that, 'while the results for 2019 showed very strong growth, the economic headwinds of the last few weeks have moderated its 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', the banker added.
© Pakistan Press International, source Asianet-Pakistan