• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Sunday, September 24, 2023
NewsOnline Nigeria
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station
No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station

Wema Bank Grows Earnings By 51% To N95.354 Billion On Loan Growth

Fees on electronic products also grew by 44.55 percent to N2.550 billion from N1.764 billion in Q3 2021.

by Justice Winner
October 31, 2022
in Brands & Marketing
Wema Bank

Wema Bank

Nigeria’s most innovative bank and digital banking pioneer, Wema Bank Plc, has recorded gross earnings of N95.345 billion in the third quarter ended September 30, 2022, representing a growth of 51.17% year-on-year, from N63.077 billion posted during the same time in 2021.

 

According to the bank’s unaudited financial results for the third quarter of 2022, the grow in gross earnings reflects an increase in loans and advances and supported in a challenging macro economic environment.

The result shows that Interest income grew by 55.14 percent y-o-y, benefitting from strong loan growth and a higher yield environment to N79.973 billion, from N51.550 billion in 2021.

Similarly, Interest income from loans and advances grew by 40.23 percent to N62.245 billion in 2022 from N44.387 billion in 2021. The income from loans and advances had a 77.83 percent contribution to the interest income for the period.

Net fee and commission income grew to N12.015 billion in the third quarter of 2022 from N8.722 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income, amongst others.

READ ALSO

UBA Records Significant Growth In Revenue, Profit And Key Metrics, With A PBT Of N404bn

Zenith Bank Defies Odds With Astounding Triple-Digit Surge In H1 2023 Result

BREAKING: Zenith Bank Declares N15.70bn As Interim Dividend To Shareholders

Unity Bank Grows Gross Earnings to N27.5 Billion in H1’2023

Fees on electronic products also grew by 44.55 percent to N2.550 billion from N1.764 billion in Q3 2021.

The bank recorded strong growth in profit before tax from N7.208 billion in 2021 to N9.457 billion in 2022, a growth of 31.2%, while interest expenses grew by 79.65% to N41.501 billion in 2022 from N23.100 billion in 2021.

Commenting on the result, the Managing Director/CEO of the bank, Mr. Ademola Adebise, attributed the sterling performance to the rising and expanding streams of income from both both fee based transaction lines as well as interest from efficient lending activities.

“Our excellent fundamentals as well as high efficiency in risk management and growing streams of income from various business lines are responsible for our upward trajectory across board. We intend to finish the year on a high and further delight our shareholders with impressive dividend yield at the end of the financial year”, he said

Also commenting on the result, the bank’s Chief Finance Officer, Mr. Tunde Mabawonku, described the result as the testament of the bank’s resilience in a difficult environment characterised by high operating cost and inflation.

“We are building systems and structures that will consistently deliver on results through efficient customer service, customised products and services, and effective internal control measures”, he said.

Previous Post

Nigerian News, Naija News, NewsOnline Summary Today, October 31, 2022

Next Post

Interview: MegaMillions Naija Lotteries Boss, Victor Nwaobia Speaks To NewsOnline

Justice Winner

Justice Winner

Justice Winner is a Veteran Nigerian Journalist With Expertise in Writing Nigeria News, Entertainment and Politics. He has a degree in Journalism/Mass Communication Studies. Justice is a dedicated and talented writer committed to producing high-quality content that is authoritative, informative, entertaining, and engaging. Connect with Him on Instagram , Facebook, Twitter, and LinkedIn.

Related Posts

UBA
Brands & Marketing

UBA Records Significant Growth In Revenue, Profit And Key Metrics, With A PBT Of N404bn

Zenith Bank
Brands & Marketing

Zenith Bank Defies Odds With Astounding Triple-Digit Surge In H1 2023 Result

Zenith Bank
Brands & Marketing

BREAKING: Zenith Bank Declares N15.70bn As Interim Dividend To Shareholders

Next Post
MegaMillions Naija Lotteries

Interview: MegaMillions Naija Lotteries Boss, Victor Nwaobia Speaks To NewsOnline

Trending Posts

All Progressives Congress Women Leader Is Dead

BREAKING: All Progressives Congress Women Leader Is Dead (PHOTO)

NLC

BREAKING: NLC Speaks On Commencing Nationwide Indefinite Strike

Lagos-Abuja Super Highway

BREAKING: FG Announces Date To Complete Lagos-Abuja Super Highway

CBT For WASSCE

BREAKING: WAEC Set To Introduce CBT For WASSCE

Mike Adenuga

Mike Adenuga In Spotlight Over $260 Million Debt, Bribery Allegations

Fuel Subsidy

BREAKING: FG Begins Payment of Fuel Subsidy, May Pay N1.68tn By December

Governor Alia's Election

BREAKING: Benue Tribunal Delivers Judgment On Governor Alia’s Election

Tony Elumelu

Tony Elumelu Expresses Confidence In Naira Stability Amid CBN Leadership Change

Naira

Black Market Dollar To Naira Today, 23 September 2023 In Lagos & Abuja

APC Forum

APC Forum Warns Wike Against Actions Inimical To Party, Region’s Interests

ADVERTISEMENT

ABOUT US

NewsOnline Nigeria is Nigeria’s fastest growing trusted independent online newspaper covering Africa’s socio-economic issues, trades and investments; it provides informed perspectives on economic and political events in Nigeria and Africa at large.

Relevant Pages

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

Reach Us

6th Avenue, Festac Town, Lagos

+234 816 184 6326

[email protected]

Alert Us

Important Press Releases, Breaking Stories, Special Investigations: [email protected]

Copyright © 2023 Newsonline Nigeria

No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station

Copyright © 2023 Newsonline Nigeria