Wema Bank PLC (Bloomberg: Wema NL) (“Wema” or “the
Bank”) announces its unaudited 9M ended September 30, 2020 Financial Results.
Commenting on the result, Wema Bank’s Managing Director/Chief Executive Officer Mr. Ademola
“We are pleased that our performance has improved significantly on the back of increased economic
activities across the country; we recorded a better 3rd quarter compared to the 2nd quarter though
average numbers still slightly below their 2019 peak volumes. For the 9months ended September 30,
2020, the Bank recorded gross earnings of N57.83billion and Profit Before Tax (PBT) of 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.”
In response to the impact of Covid-19, the bank played a role in supporting local, state and federal
efforts in providing relief to those impacted directly and indirectly. We also supported customers
through the suspension of loan repayment for SMEs, customized loan extension and moratorium,
Increased 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 personalized 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. The Bank appointed Mr. Oluwole Ajimisinmi as an
Executive Director and also appointed an Independent Non-Executive Director – Mrs Ibiye Ekong”.
2020 has been one of the most challenging years in recent history but the Bank remains resilient and
has committed to keep delivering value added services to its customers and stakeholders as it has done
over the last 75 years. The Bank expects to close the year in line with targets and expectations.
About WEMA Bank Plc
Established in 1945, Wema Bank is as Commercial Bank with National authorisation and operates in
over 150 branches across Nigeria. WEMA Bank is the pioneer of Africa’s first fully digital bank ALAT and
one of Nigeria’s most resilient banks. With over 75 years in the business of banking, the bank has
remained innovative in delivering value to its stakeholders.
More information can be found at www.wemabank.com/investor-relations/