Wema Bank’s earnings up 42.3% to N131.1bn in 2022

Wema Bank Plc has reported gross earnings of ₦131.08 billion, a year-on-year increase of 42 per cent over ₦92.14 billion it made in 2021. This contained in its audited reports for fourth quarter ending December 31, 2022.

From ₦73.30 billion recorded in 2021, the bank made Interest Income of ₦106.07 billion, representing a 44.7 per cent year-on-year.

Its Non-Interest Income rose by 32.8 per cent to ₦25.01 billion in 2022, from ₦18.83 billion in 2021. Profit before Tax (PBT) which was ₦12.38 billion in 2021 grew by 19.1 per cent in 2022 to ₦14.74 billion in the review period. The bank’s Profit after Tax (PAT) also increased by 25.5 per cent to ₦11.21 billion from ₦8.93 billion reported in 2021.

Also, the bank’s deposit grew by 26 per cent in 2022 to ₦1,165.93 billion from ₦927.47 billion reported in the same period of 2021. Loans and Advances rose by 24 per cent to ₦521.43 billion in 2022 from ₦418.86 billion in full year 2021.

Commenting on the results, the Managing Director/Chief Executive Officer of the Bank, Mr. Moruf Oseni said, “Our 2022 results show the result of the careful execution of our medium-term strategy as we have deliberately focused on deepening our offerings to the corporate, commercial and retail segments of the market using our digital channels while ensuring best in class customer experience platforms deliver improvements across all customer touchpoints. We expect the bottom line to improve even further in 2023.”

Also speaking on the results, the Bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the bank’s continuous investment in the digital space has positioned it as one of the leaders in providing digital banking services to individuals and corporates across the country.

“It has been a good full year performance for Wema Bank with gross earnings growing by 42.3 per cent year on year and earnings per share at 87.2kobo.

“We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in the country with our ubiquitous fintech infrastructure support play,” Mabawonku stated.