Wema Bank Plc has posted a growth performance across the financial indices in the First-Half of its 2022 operations.
This information is contained in the Financial Results for the Period Ended June 30, 2022.
In the report, the bank recorded an increase of 50 percent in its Gross Earnings from the N39.82 billion it recorded in H1 of last year to N59.59 billion. It also grew its Interest Income by 55 percent year-on-year, from the N32.19 billion recorded at this period last year to N49.75 billion.
The bank’s Non-Interest Income went up from N7.64 billion in the period ended June 30, 2021 to N9.85 billion, an increase of 29 per cent. 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.
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.
“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.”