Close Menu
  • Business
  • Features
  • Interview
  • News
  • Opinion
  • Politics
  • The Icon
  • Get In Touch
Trending
  • LASWA Partners Lekan Bakare Foundation To Mark World Oceans Day
  • Aviation: Keyamo Marketing The Private Sector At The Detriment Of Public Or National Interest – Segun Musa
  • Anti-smuggling: Our Intelligence-Driven Operations Paying Off, Says Comptroller Shuaibu
  • NIMASA Gives Insight On Piracy Incident In Gulf of Guinea, Says Attack Not On Nigerian Waters
  • Tenure Extension: Step Aside Now That Ovation Is The Loudest, Farinto Counsels Customs CG, Adeniyi
  • Tinubu, Through Customs Has Collected Near Maximum Duty Collectible – Mukaila 
  • Anakebe Applauds CMA CGM Over Container Deposit Removal, Urges Other Shipping Lines To Follow
  • Customs Awaits Arrival Of 67 Scanners, Says Customs CG, Adeniyi 
Prime Time Reporters
  • Business
  • Features
  • Interview
  • News
  • Opinion
  • Politics
  • The Icon
  • Get In Touch
Prime Time Reporters
Home » Why we are delivering value and growing our numbers – Wema Bank MD/CEO, Adebise
Business

Why we are delivering value and growing our numbers – Wema Bank MD/CEO, Adebise

Saint AugustineBy Saint AugustineAugust 12, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The Managing Director/CEO of Wema Bank Plc, Mr. Ademola Adebise has explained the facts behind the bank’s growing numbers during the half year ended June 30, 2022.

Wema Bank recently released its second quarter unaudited financial result for the period ended June 30, 2022, showing a 50 percent increase in its Gross Earnings from N39.82 billion recorded in 2021 to N59.59 billion H1 2022. The bank also grew its deposit by 43 percent from N968.17 billion reported in FY 2021 to N1.09 trillion in H1 2022.

Similarly, Wema Bank recorded a 43 percent increase in Profit Before Tax (PBT) from N4.30 billion over the same period last year to N6.13 billion for the period under review.

Speaking at the analyst’s conference and Investors’ call, Mr. Adebise said: “Our digital channels remain a priority in meeting customer needs and closing the financial inclusion gap.

“With a transaction value of N131.5 billion, USSD recorded over 58.6 million in transaction count (+55%), reaffirming our focus to grow channel usage.

“Mobile banking users completed over 42.8 million transactions within the review period, further driving the financial inclusion initiative.

“With over 50% growth in agent acquisition, our agency banking base increased to 140k accounts, at the end of the six months review period (H1 2021: >102k). This helps to further enhance performance across our financial inclusion initiatives. The value of agency funds transfer closed at N7.59bn in H1 2022, a 34% y-o-y growth. The stellar growth in agency transfer volume by 550k% was driven by signing-on of new partners.”

According to the Wema Bank MD, the bank’s agency banking solutions will continue to provide support to customers mostly in the rural areas and hard-to-reach regions of the country.

“So far, we have over 21,000 agents attending to the financial service needs of these customers,” Mr. Adebise added.

The bank’s Chief Finance Officer, Mr. Tunde Mabawonku, said the results point to the resilience and growth trajectory of the bank during the review period.

According to him, the bank has achieved efficiency in its balance sheet by managing growing deposits and rising interest rate. He also disclosed the bank has achieved an efficient mix of its deposit portfolio by bringing down the cost of funds.

Mabawonku hinted the bank’s N40 billion rights issue would open and be concluded during the year, a development he said would deliver more value to shareholders.

Photo: Mr. Ademola Adebise, Managing Director/CEO, Wema Bank PLC.

Send your press invite, news, press releases/articles to augustinenwadinamuo@yahoo.com. Also, follow us on Twitter @PrimetimeRepor1 and on Facebook on facebook.com/primetimereporters or call the editor on 07030661526

Mr. Ademola Adebise Wema Bank
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleAnambra State Government suspends Nnewi North Transition Chairman over wife’s death
Next Article Soludo celebrates International Youth Day, says youths are bridge to the future
Saint Augustine
  • Website
  • Facebook
  • X (Twitter)

Saint Augustine is a seasoned freelance journalist and the chief editor of Primetime Reporters.

Related Posts

Tinubu, Through Customs Has Collected Near Maximum Duty Collectible – Mukaila 

June 3, 2025

Customs Awaits Arrival Of 67 Scanners, Says Customs CG, Adeniyi 

June 2, 2025

Dredge Onne Port For Optimum Utilization, Isikaku Urges FG

May 31, 2025
Leave A Reply Cancel Reply

Recent Posts

LASWA Partners Lekan Bakare Foundation To Mark World Oceans Day

June 6, 2025

Aviation: Keyamo Marketing The Private Sector At The Detriment Of Public Or National Interest – Segun Musa

June 5, 2025

Anti-smuggling: Our Intelligence-Driven Operations Paying Off, Says Comptroller Shuaibu

June 4, 2025

NIMASA Gives Insight On Piracy Incident In Gulf of Guinea, Says Attack Not On Nigerian Waters

June 4, 2025

Tenure Extension: Step Aside Now That Ovation Is The Loudest, Farinto Counsels Customs CG, Adeniyi

June 3, 2025
© 2025 Copyright Primetime Reporters.
  • Home
  • Business
  • Features
  • Interview
  • News
  • Opinion
  • Politics
  • The Icon
  • Get In Touch
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.