The bank posted significant growth in its 2019 performance with an increase in the bank's interest income and non-interest income from the previous year.
. is set to usher in an exciting new future for the bank and its customers as confirmed by the bank’s Chief Financial Officer Mr. Tunde Mabawonku.
The bank posted significant growth in its 2019 performance with an increase in the bank’s interest income and non-interest income from the previous year by 23% and 74% respectively. “The non-interest income growth was driven by a 22.9% growth in Net Fees and Commission due to increased volume of transactions across various electronic channels ,”Mr Mabawonku disclosed. He also highlighted the fact that the Net Trading Income grew by “a whopping 167.
“There will be winners and losers with varying degrees of exposures to the pandemic. Low exposure sectors include healthcare sector and its value chain, telecommunications, on-line oriented businesses and professional services.
While emphasizing the strong support Wema Bank has offered to customers by putting a moratorium on repayment of SME loans during the pandemic, the Chief Finance and Strategy officer added that “we are adjusting to the new normal by putting frameworks in place to ensure our workforce is well equipped to function accordingly while ensuring the safety of customers across all our physical touchpoints.
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