Wema Bank records over N1trillion balance sheet size

Wema Bank Plc has published its audited results for year ended December 31, 2020.
The content of the report shows that the bank recorded vier N1trillion balance sheet size.
The update was given by the Chief Finance Officer of the bank, Tunde Mabawonku.
Acccording to him,v the bank overcame the disruptions of the 2020 financial year by focusing on safe lending, keeping non performing loans low and driving transaction income.
He added thatthe 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”
The balance sheet shows that the bank recorded a year on year double-digit growth of 39.42 per cent in customer deposit to N804.87 billion, compared with N577.28 billion the previous year.
The results show that net loans closed at N360.08 billion, a growth of 24.49 per cent,
Non-Performing Loans (NPL) went  down to 4.70 per cent year-on-year from 7.38 per cent 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 Sixth 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.,” he said

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