Wema Bank PLC has announced its audited results for Q4 ended 31st December 2022.
The bank recorded Gross Earnings of ₦131.08bn, a y/y 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.
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 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 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% 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,” he added.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
SPOTLIGHT: Agboola Joshua, the youngest certified cloud practitioner in Africa
Agboola Joshua is the founder and Chief Executive Officer of Joshfortech. At age 6, Joshua started…
My experience at Isale Eko birthed ‘Gangs of Lagos’ —Osiberu
The Director and Producer of Gangs of Lagos, Jade Osiberu, has explained that her experience at Isale Eko, while shooting another movie called…
The secret of my great health at 95 —Pa Ayo Adebanjo
Afenifere leader, Chief Ayo Adebanjo, turned 95 during the week. In this interview by Deputy Editor, SAM NWAOKO, Chief Adebanjo speaks for the first time on…
OFFCUT: Netizens share interesting experiences on how they met their spouse
In the reactions gathered by Tribune Online through a post that reached over 100,000 social media users, netizens shared their beautiful experiences on…
See sports stars who paid heavily for divorce
Although rumours of an impossible settlement between PSG and Morocco star Achraf Hakimi and his wife have gone viral here are…
Cashless policy: Restoring public confidence in the banking industry
THESE are definitely not the best of times for the banking sector or the Nigerian economy and Nigerians in…
When vultures surround you, try not to die. Whether you are in business or you are…
By: Suliyat Oladejo I am compelled to express my deep concern about the state of…
IN what amounts to a criminal and morally reprehensible conduct exemplifying an extreme level of…
The President of National Association of Nigerian Students (NANS) Comrade Olusola Oladoja, has said that…
According to Olofu, the beneficiaries, who are all members of the All Progressives Congress (APC),…
The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, will deliver the 2025…
This website uses cookies.