Wema Bank PLC. Reports Gross Earnings of ₦131.1 billion, up 42.3% y-o-y,

NewsOnline reports that Wema Bank Plc, Nigeria’s most innovative bank, has delivered a stellar fourth quarter 2022 performance and continues its evolution into an unrivaled market leader and efficient bank.

According to a press statement issued by the bank in respect of its audited financial results for the period ended December 31, 2022, the bank recorded gross earnings of N131.08 billion year on year, representing an increase of 42.3 percent over the N92.14 percent posted in 2021.

The results which showed positive fundamentals across the board revealed a growth of 44.7 percent year on year in interest income to N106.07 billion from N73.30 billion. Noninterest income shot up from N25.01 billion to N18.83 percent, an increase of 32.8 percent.

Similarly, the bank’s profit before tax grew to an all-time high of N14.74 billion year on year as against N12.38 billion the previous year, an increase of 19 percent.

According to the bank, shareholders will receive a dividend of 30 Kobo per ordinary share which is the biggest dividend payout to date.

The bank grew its deposit year by year by 26 percent as of the full year 2022 to N1,165.93 billion from N927.47 billion in 2021. Its stock of loans and advances also grew from N418.86 billion in 2021 to N521.43 billion, showing a rise of 24 percent.

The impressive results showed that total assets hit N1,433.79 billion as against N1,164.52 trillion,  a growth of 23 percent. Shareholders’ funds also moved up to N82.62 billion from N70.36 billion in 2021, an increase of 17 percent.

Commenting on the result, 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 on offerings to the corporate, commercial and retail segments of the market using our digital channels while ensuring best-in-class customer experience platforms to deliver improvements across all customer touch points. We expect the bottom line to improve even further in 2023”.

Also speaking on the result, 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 percent year on year and earnings by share at 87 kobo”, Mabawonku said.

“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”, he further said.