How Wema Bank Survived COVID-19 Disruptions-Mabawonku

The Chief Finance Officer of  Wema  Bank Plc, Tunde Mabawonku, said his  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 that the bank remained resilient and had continued to grow its business in an efficient manner as it persisted in adapting its strategy to yield strong financial results despite the adverse economic situation.

He disclosed this in a statement on the bank’s audited results for the year ended December 31, 2020

It grows balance sheet to N1tn’  during the period

The bank disclosed that it recorded a year-on-year double-digit growth of 39.42 per cent in customer deposit (FY 2020; N804.87bn, FY 2019; N577.28bn).

It proposed a dividend of 4 kobo per share in FY 2020 (FY 2019: 4kobo), noting this was the third straight year of paying dividends.

The results showed that net loans closed at N360.08bn, a growth of 24.49 per cent (FY 2019; N289.24bn), as the bank said it continued to support its customers across multiple sectors of the economy.