Wema Bank Plc, the pioneer of Africa’s first fully digital bank ALAT and one of Nigeria’s most resilient banks. With over 73 years in the business of banking, has released its 2019 annual report and financials (Unaudited) to the public. The result was published by the Nigerian Stock Exchange (NSE)recently.
The Wema Bank Q4 2019 result revealed a very impressive double digit top and bottom line growth on all parameters except Net Interest Income and Other Income. The bank superlative performance saw Profit After Tax grew by 32 per cent year-on-year (y-on-y). Fee & Commission Income and Net Trading Income had the most growth, these two income lines were responsible for the 28 per cent growth in Gross Earning for 2019 financial year.
Here are the highlight of the Wema Bank 2019 annual result:
- Gross Earning up by 28 per cent from N71.5bn in Q4 2018 to N91.54bn in Q4 2019
- Net Interest Income down by 11 per cent from N26.99bn to N23.89bn in Q4 2019.
- Net Fee and Commission Income up by 23 per cent from N6.51bn in Q4 2018 to N7.99bn in Q4 2019
- Net Trading Income up by 167 per cent in Q4 2019 to N14.79bn from N5.53bn in Q4 2018.
- Other Operating Income was down by 60 percent from N1.82bn in 2018 Q4 to N0.73bn in 2019 Q4
- Impairment Charges was up by 17 per cent to N4.12 bn in Q4 2019 from N3.51 bn in Q4 2018.
- Other Operating Expenses up by 9 per cent in Q4 2019 from N17.62bn to N19.28bn
- Staff Cost up by 21 per cent from N12.34bn in Q4 2018 to N14.87bn in Q4 2019
- Profit Before Tax up by 31 per cent from N4.79bn in Q4 2018 to N6.27bn in Q4 2019
- Profit After Tax also up by 32 per cent to N4.41bn in Q4 2019 from N3.33bn in Q4 2018
The Balance Sheet size of Wema Bank also had a very encouraging growth in 2019 financial year as all the four parameters grew by double digitd except Shareholders Equity that had a 6 per cent growth. The Asset Base of the bank grew by 48 percent y-on-y.
Customer Deposit also grew by 57 per cent from N369.19bn in Q4 2018 to N579.13bn in Q4 2019. While Customer Loans and Advances grew by 15% y-on-y to N289.61bn from N252.19bn in Q4 2018.