Wema sees growth in profit as assets top N1trn

Wema Bank Plc has announced its financial results for the year ended December 31, 2021, and growth in key financial indices, especially as the bank crossed the N1trn mark in total assets.

Gross earnings increased by 15.35 per cent year-on-year (y-o-y) to N92.14b in FY 2021 from N79.88bn in FY 2020.

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Profit Before Tax (PBT) of N12.3bn in FY 21 was recorded, an increase of 108.26 per cent y-o-y from N5.95bn in FY 20, with Profit After Tax (PAT) of N8.93bn in FY 21, representing an increase of 94.53 per cent y-o-y from N4.59bn in FY 2020 was recorded.

Deposit liabilities grew by 15.23 per cent to N927.47bn in FY 2021 from N804.87bn in FY 2020, while total assets increased by 20.23 per cent to N1.164.52bn in FY 2021 from N968.58bn in FY 2020.

In a statement, Wema’s managing director, Mr Ademola Adebise, said, “The bank’s full-year 2021 results showed robust growth in all key financial metrics despite the challenging macro-economic environment.