Connect with us


Wema Bank: Showcasing strong growth trajectory



Wema Bank Plc resilience has been on display lately as evidenced in the digitally driven financial institution’s financial results. Wema capped the year ended December 31, 2021 with strong growth in key financial indices, especially as the bank crossed the N1trillion mark in total assets.

The full year 2021 results
Wema Bank recorded an increase of 108.3percent in profit before tax (PBT) to close the financialyear(FY) 2021 at N12.38 billion. This was driven by a year-on-year (YoY) growth of 15.35percent in gross earnings to N92.14billion in 2021 from N79.88billion in 2020. The bank’s deposit liabilities grew by 15.23percent to N927.47billion in2021 from N804.87billion in 2020 while its total asset increased by 20.23percent to N1.164trillion in 2021, from N968.58billion in 2020.

Gross earnings increased by 15.35percent year-on-year to N92.14billion in full year 2021 from N79.88billion in 2020.Profit Before Tax (PBT) of N12.3billion in financial year 2021 represents an increase of 108.26percent YoY from N5.95billion in 2020 whileProfit After Tax (PAT) of N8.93billion in 2021 represents an increase of 94.53percent YoY from N4.59billion in 2020.

Net-Interest Income grew to N39.87billion in FY 2021from N30.86billion in FY 2020; growth of 29.22percent. Non-Interest Income also increased from N16.83billion in FY 2021 to N18.83billion; a growth of 11.91percent.


Deposit liabilities up by 15.23percent to N927.47billion in FY 2021 from N804.87billion in FY 2020. Loans and advances to customers rose by 16.33percent to N418.86billion in FY 2021 from N360.08billion in FY 2020.

Similarly, total asset increased by 20.23percent to N1.164.52billion in FY 2021 from N968.58billion in FY 2020. Key ratio shows return on average equity of 17.26perecent in FY 2021.

ALSO READ  Abia police bust baby factory, rescue 16 pregnant women

Shares are outperforming
Looking at Wema Bank’s share performance on the Nigerian Bourse, investors who bought the shares since this year have reasons to smile. For instance, the N3.46 per share it closed as at Friday, May 20 represent remarkable increase by 380.6percent year-to-date (YtD).

The share price nears its record 52-week high of N3.85. Listed on banking subsector of the Nigerian Exchange Limited (NGX) mainboard, Wema Bank has 12,858,155,360 shares outstanding.
Last 7 Days Trades

Management speaks
“The bank’s full year 2021 results show robust growth in all key financial metrics despite the challenging macro-economic environment. Our year end numbers highlight the strong growth trajectory of the financial institution. We comfortably crossed the N1trillion mark in total assets, with a share of approximately 3percent of industry deposits,” said Ademola Adebise, Managing Director/ Chief Executive Officer, Wema Bank Plc.

Tunde Mabawonku, Chief Finance Officer, Wema Bank said “a key measure of success for us is a consistent growth in our balance sheet and customer base – and we are glad that we are reporting healthy growth in all these areas.”


“Looking forward, we expect that the strong growth will be sustained despite the tough business climate as we execute our customer experience improvement initiatives built around a digital first banking strategy and become first in class in that sphere. The bank will also continue to focus on our digital business, which is a key boost for customer acquisition, consumer lending and transaction volumes while not neglecting our corporate and commercial play.

ALSO READ  Arsenal boss Arteta hints deal to replace Pepe

“On our commercial business, we will continue our aggressive strategy to improve our lending business alongside trade and other revenue lines. We have also unveiled our new Mission and Vision statements which underpins our corporate strategy. We want to be the dominant digital platform in Africa delivering seamless financial service,” Mabawonku noted.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Real estate firm approves N14.50 dividend



SFS Real Estate Investment Trust says it will pay N14.50 per share as dividends to its shareholders for 2023.

The Managing Director/Chief Executive Officer of SFS Capital Nigeria Limited, Patrick Ilodianya, disclosed this during the company’s general meeting held on Tuesday in Lagos.

According to Ilodianya, the SFS Real Estate Investment Trust, formerly known as Skye Shelter Fund, a subsidiary of SFS Capital Nigeria, witnessed a 70 per cent growth in net income to N317.5m in 2023 from N186.6m in the prior year.

“Concurrently, we observed a growth in dividend payouts of 71.60 per cent, nearly doubling,” he stated.


The managing director explained that despite encountering challenging market conditions, SFS REIT consistently delivered dividends every year since its inception.

“In 2023, SFS REIT is proposing a dividend of N14.50 per share, marking this the highest dividend ever distributed in the Fund’s 17-year history.

“To contextualise these achievements, consider an investor who acquired SFS REIT shares on January 1, 2023, at a share price of N77.00. This investor would witness a capital appreciation of N24.35 per share (31.62 per cent), with the current share price standing at N101.35 per share.

“The overwhelming demand for shares has rendered them currently unavailable for purchase, as demand far exceeds supply. A dividend payout of N14.50 per share translates to an 18.83 per cent return compared to the share price on January 1, 2023, resulting in an estimated total return of over 50 per cent annually,” Ilodianya enunciated.

He spoke further that SFS REIT had invested in multiple units within organised and efficiently managed residential estates along the expanding Lekki corridor.

ALSO READ  Flash mob: As Nigerian Idol Continues, Bigi Thrills Consumers with Kingdom and Progress at Ikeja, Lagos

He listed some notable investments, including Milverton Court Estate, Victoria Crest V Estate, Sapphire Gardens Estate, Maben Phase 2 Estate, Bourdillon Court Estate, Victory Park Estate, and Cromwell Court Estate.

He added that real estate returns remain stable while adjusting to inflation and consistently appreciating under skilled fund managers.

“Within SFS REIT, our Average Occupancy rate exceeds 98 per cent, while the average rental default rate remains below 1.5 per cent. Over the years, we have implemented various Proptech initiatives aimed at optimising rent collection, increasing occupancy rates, and reducing default occurrences.

“Leveraging technology, we have streamlined our property acquisition and disposal processes, enhanced tenant sourcing and appraisal procedures, automated entry/access control, and facilitated electricity vending.

“With 17 years of experience under our belt, SFS Capital Nigeria Limited remains exceedingly optimistic about the future. Positioned strategically, we are poised to implement innovative strategies to expand the fund and enhance its yield. While our current dividend payout of N14.50 per share represents the pinnacle in the history of REITs, we anticipate no decline. Instead, we envision SFS REIT continuing to deliver higher dividends in the foreseeable future,” he concluded.


Continue Reading


Cement price 69% higher in Nigeria than India – Reps C’ttee



The House of Representatives Joint Committee investigating the arbitrary increase in the price of cement in Nigeria has lamented the cost of the commodity, compared to what obtains in other African countries.

Recall that on March 13, 2024, the House resolved to investigate the incessant increase in the price of cement following the adoption of the motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos).

On February 13, the Federal Government and cement manufacturers agreed to peg the price of a 50kg bag of cement between N7,000 and N8,000.

At the public hearing on the subject matter on Tuesday organized by the House Joint Committee in Abuja, the Chairman, House Committee on Solid Minerals, Gaza Gbefwi said there’s a need to address the situation, noting that in most African countries, the price of cement is lower compared to what obtains in Nigeria.


He said, “Our findings showed that the price of cement is 69 per cent higher in Nigeria than in India, 39 per cent higher in Nigeria than in Zambia and 29 per cent higher than in Kenya given the official exchange rate.”

Speaking at the event, the Speaker, Abbas Tajudeen represented by the Deputy Speaker, Benjamin Kalu, assured the manufacturers that the public hearing was not intended to witch-hunt them but an avenue to prefer solutions to the challenges affecting the housing sector, particularly the high cost of cement across the country.

…Details later

ALSO READ  Major marketers demand more fuel as depots’ stock drops
Continue Reading


MediaFuse-Dentsu Nigeria boosts reading culture, sponsors Uyo book club reading session



A leading integrated marketing communications network, MediaFuse-Dentsu Nigeria, has announced its sponsorship of the Uyo Book Club, a vibrant community of book lovers based in Akwa State, Nigeria.

The event, aligned with MediaFuse-Dentsu Nigeria’s commitment to fostering creativity and knowledge, will be held on Saturday,25th May from 4pm at Shakespeare’sn Hall, Watbridge Hotel and Suites, Opposite Ibom Hall, IBB Way, Uyo.

The Group Chief Executive Officer of MediaFuse-Dentsu Nigeria, Emeka Chris Okeke, described the sponsorship as another way of supporting initiatives that foster reading culture and promote literacy.

This is coming a few months after the company donated computers to Army Children Senior High School in Ikeja, Nigeria to empower students with the necessary tools for the digital age and improve their chances of success.


He said, “MediaFuse-Dentsu Nigeria is excited to partner with the Uyo Book Club and help them continue to provide a platform for people to connect and explore the literary.

“At MediaFuse-Dentsu Nigeria, we believe in the power of stories to inspire and educate. We are committed to supporting initiatives that foster creativity, education, and community engagement.”

Responding to the sponsorship, the Founder and Father of the Book Club Initiative in Akwa Ibom State, Dr Udeme Nana, commended MediaFuse-Dentsu for sponsoring the book reading session.

He said, “Uyo Book Club, a community service initiative based in Akwa Ibom State, South-South Nigeria, seeks to bridge the yawning gap observed in the reading habit of Nigerians. We are delighted to have MediaFuse-Dentsu Nigeria on board in the mission to re-awaken the culture of reading and also promote it among Nigerians.”

ALSO READ  Tinubu places three-month ban on foreign trips for ministers, others

MediaFuse-Dentsu Nigeria is a leading integrated marketing communications agency, offering a comprehensive range of services including media planning and buying, creative and content development, digital performance, location services, and public relations. The agency is a member of the Dentsu International network, one of the world’s largest marketing communications groups with a presence in over 65 countries around the world.


The Uyo Book Club is a platform for passionate readers to connect, discuss literature, and share their love of books. The club hosts regular meetings, author events, and other literary activities.


Continue Reading


Copyright © 2022 TheHeute.