Wema Bank grows total assets to N1trn in 2020

Wema Bank Plc has recorded a total asset of N1 trillion for the financial year ended December 2020.

Meanwhile, the bank has proposed a dividend payment of 4 kobo per share, making it the third consecutive year of paying a dividend. 

The Chief Finance Officer of the bank, Tunde Mabawonku who gave updates on the results, said the bank weathered the disruptions of the 2020 financial year through a sharp focus on safe lending, keeping non-performing loans low and driving transaction income. He explained further that the bank remains resilient and has continued to grow its business in an efficient manner as we persist in adapting our strategy to yield strong financial results despite the adverse economic situation. 

According to the audited financial statements of the bank, Customer Deposit rose by 39.42% to N804.87billion in 2020 from   N577.28 billion in 2019.  

The results show that net loans grew by 24.49% to N360.08 billion from N289.24 billion from 2019, as the bank continues to support its customers across multiple sectors of the economy.   

The recorded significant improvement in assets quality as Non-Performing Loans (NPL) dropped to 4.70% in 2020 from 7.38% in 2019.    

According to Mabawonku, “We have a clear strategy of becoming the ‘Most Dominant Digital Bank in Nigeria’ by 2023. We have positioned ALAT as the go-to platform by both increasing customer acquisition and working with eco-system partners on payments and settlements.”

During the year, Wema Bank was ranked 2nd in the Retail Category and 6th in the SME category in the 2020 KPMG Customer Satisfaction Survey. The bank also received an award for the Best SME Bank of the Year for 2020 from BusinessDay, thus recognizing Wema Bank’s continuous support for small and medium scale businesses through loans, business advisory and innovative payments & collections support.