Wema Bank Reports N59.6b Gross Earnings

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(Last Updated On: 2022-08-02)

Wema Bank Plc in its Financial Results for the Period Ended June 30, 2022 reported a growth performance across the financial indices in the First-Half of its 2022 operations.

According to the report, the bank’s gross earnings increased by 50% from N39.82 billion in H1 of last year to N59.59 billion. Additionally, it increased its interest income by 55% year over year, from N32.19 billion at this time last year to N49.75 billion.

The bank’s Non-Interest Income increased by 29%, from N7.64 billion in the fiscal year that ended on June 30, 2021, to N9.85 billion. Similar to other banks, Wema Bank had their Profit before Tax (PBT) rise by 43% during the reviewed period, from N4.30 billion during the same period previous year to N6.13 billion.

The bank’s Profit after tax (PAT) also increased from N3.72 billion in H1 2021 to N5.30 billion reflecting a raise of 42 per cent.The bank also grew its deposit by 13 percent from n968.17 billion reported in FY 2021 to ?1.09 trillion in the H1 2022. It also grew its loans and advances from N418.86 billion to N447.23billion in H1 2022, an increase of seven per cent.

The bank’s Managing Director/Chief Executive Officer, Mr. Ademola Adebise, attributed the performance to increased customer satisfaction the bank delivered through its investment in technology.

“Our performance has shown strong and promising results in the second quarter. Customers have continually shown trust in our proficiency, innovation, and service delivery even as the market gets more challenging.

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“That said, I am confident, that despite increased volatility and uncertainty, we will continue to scale up, manoeuvre the environment, creatively manage our resources, and drive long-term, substantial returns for shareholders,” Adebise said.

The bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the strong performance stems from the bank’s diversification of its business and value derived from its digital assets

“This has been a strong first half with Interest Income up 55 per cent and Profit Before Tax up 43% compared to H1 2021.”

Source: thenation

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