Wema Bank Plc reports 135% growth in Net Profit for the nine months period ended 30 September, 2021

Wema Bank Plc has released its nine months unaudited financial statement for the period ended 30th of September, 2021.

  • Interest income during the period was N51.55 billion. (+11.11% YoY)
  • Interest expense for the period was N23.10 billion. (-12.15% YoY)
  • Net interest income for the period was N28.45 billion
  • Net Fee and commission income during the period was N8.72 billion. (+68.95% YoY)
  • Operating income of N39.17 billion was recorded.
  • Profit before tax was reported as N7.21 billion. (+135.78%)
  • Profit after tax for the period was N6.24 billion. (+135.77%)
  • Total assets during the period stood above N1 trillion.
  • Earnings per share of 21.6 kobo Vs 9.2 kobo.

See full result here

Wema Bank Plc announces the rescheduling of Board meeting

In a notice filed with the Nigerian Exchange Limited (NGX), Wema Bank has announced to its investors and the investing public that the earlier date scheduled for the meeting of Board of Directors has been changed.

The bank says it wishes to notify the investing public that in accordance with the Rules of the NGX, the meeting earlier scheduled for October 26, 2021 has been rescheduled to hold on October 28, 2021 at 10.00 a.m. in Lagos.

The purpose of the board meeting is for the consideration and approval of the Company’s performance during the third quarter and Unaudited Financial Statements for the period ended 30 September 2021 as well as have deliberations over other corporate actions.

According to the disclosure signed by the company’s secretary, Johnson Lebile, “The Company’s Closed Period which commenced on 1 st October 2021 will continue until 24 hours after the Bank’s 2021 Q3 UFS and other corporate actions have been made public in line with the Rulebook of the Exchange”.

See link to disclosure.

Wema Bank announces the appointment of 2 new directors.

Wema Bank Plc has announced the appointment of Prince Olusegun Adesegun and Mr. Adeyemi Adefarakan as Non-Executive Directors, with effect from July 19, 2021.

This disclosure is contained in a notification which was sent by Wema Bank to the Nigerian Exchange Group Limited (NGX), esteemed shareholders and other stakeholders, signed by the Company Secretary, Johnson Lebile.

According to the notice, the appointments of Prince Olusegun Adesegun and Adeyemi Adefarakun have both been approved by the Central Bank of Nigeria (CBN).

Directors Profile

Prince Olusegun Adesegun is a psychologist, career counsellor and consultant for high quality investment decisions. He has technical expertise in marketing, administration, supply chain logistics solutions and management both at the public and private sectors.

Segun once worked for Pyramid Products Limited, where he served as Manager in Training and rose to become the General Manager of the then Eastern Zone in 1988. He retired and engaged in private business, establishing and owning Pecol Ventures Limited – a cash crop export and paper products company where he transformed the company from a small producer to a large, world-class Agric-Export firm. He combined his private business with public service to become a two-time Commissioner for Works and Housing in Ogun State, and later served as the Deputy Governor of Ogun State between 2011 and 2015.

Segun holds a Masters’ degree in Industrial Psychology from the prestigious University of Ibadan.

On his part, Adeyemi Adefarakan is a seasoned executive with strong global investment banking, portfolio risk, asset and financial management exposure. Yemi currently serves as the Group Chief Financial Officer and an Executive Director on the board of CBSL (Continental Broadcasting Service Limited). He holds other Boards positions where he continues to create and extract shareholder value through active board engagement.

Before he joined CBSL, Yomi worked with some of London’s financial powerhouses such as; State Street Global Markets, DRW Investments, JP Morgan Chase, Deutsche Bank and HSBC Global Asset Management, where he traded both vanilla and complex instruments and risk-managed multi-billion-dollar multi asset portfolios.

He holds a B. SC (Hons) in Economics & Accountancy from the prestigious City University, London and a Masters’ degree in International Securities, Investment & Banking from the acclaimed ICMA Centre at the University of Reading, U.K.


Wema Bank Plc posts N4.6 billion profit in FY 2020.

Wema Bank Plc has released its full-year audited results for the period ended 31st of December, 2020.

  • Net interest income after adjusting for impairment charges was N25.2 billion. (+27% YoY)
  • Net fee and commission income of N8.4 billion. (+5.3% YoY)
  • Operating income of N42.05 billion. (-4.6% YoY)
  • Personnel expenses totaled N14.1 billion. (-5.3% YoY)
  • Profit for the year was N4.6 billion. (-12% YoY)
  • Earnings per share of 12 kobo Vs 14 kobo YoY.
  • Total shareholders fund of N59.31 billion (+7.14% YoY)
  • A final dividend of 4 kobo was proposed by the board.

See link to results.

Wema Bank Plc announces Board meeting.

Wema Bank Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on April 23, 2021.

This is according to a disclosure signed by the Company’s secretary, Johnson Lebile and sent to the Nigerian Stock Exchange.

The meeting is scheduled to consider the unaudited financial statements of the company for the quarter ended 31st of March, 2021 (Q1, 2021) along with other corporate actions. In line with this, the company will be observing a closed period from 7th of April, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange.

What you should know:

  • During the close period, no insider of Wema Bank Plc will be able to deal with its shares, whether directly or indirectly.
  • Wema Bank Plc had earlier reported a Profit before tax of N6.96 billion in FY 2020.

For more information about the notice, click HERE.