Wema Bank Reports ₦131.1bn Earnings, Up 42.3% YoY

Wema Bank PLC has announced its audited rreports for 4th quarter ending December 31, 2022.

The bank recorded gross earnings of ₦131.08bn, a year on year increase of 42% (FY 2021: ₦92.14bn). Interest Income up 44.7% y/y to ₦106.07bn (FY 2021: ₦73.30bn). Non-Interest Income up 32.8% y/y to ₦25.01bn (FY 2021: ₦18.83bn). Profit before Tax (PBT) was ₦14.74bn, a y/y increase of 19.1% over the ₦12.38bn reported in FY 2021. Profit after Tax (PAT) also increased y/y by 25.5% to ₦11.21bn (₦8.93bn in FY 2021).

The bank grew its deposit year to date by 26% as at FY 2022 to ₦1,165.93bn from ₦927.47bn reported in FY 2021. Loans and Advances rose by 24% to ₦521.43bn in FY 2022 from ₦418.86bn in FY 2021.

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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% 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.