Finance

Wema Bank grows earnings by 50%

Wema Bank grows gross earnings by 42.3% to N131.08bn

Wema Bank Plc said its gross earnings rose by 50 per cent N39.82bn in the first half of 2021 to N59.59bn in the corresponding period of 2022.

It said in a statement on its financial results for the period ended 30 June, 2022 that it also grew its interest income by 55 per cent year-on-year, from the N32.19bn recorded in H1, 2021 to N49.75bn.

The bank’s non-interest income went up from N7.64bn in the period ended 30 June, 2021 to N9.85bn, an increase of 29 per cent.

Wema Bank recorded a 43 per cent increase in profit before tax from N4.30bn over the same period last year to N6.13bn for the period under review.

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The bank’s profit after tax also increased from N3.72bn in H1 2021 to N5.30bn, reflecting a raise of 42 per cent.

The bank also grew its deposit by 13 per cent from N968.17bn reported in FY 2021 to N1.09tn in the H1 2022.

It grew its loans and advances from N418.86bn to N447.23bn in H1 2022, an increase of seven per cent.

The Managing Director/Chief Executive officer of the bank, Mr Ademola Adebise, attributed the performance to increased customer satisfaction the bank delivers through its investment in technology.

He said, “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.

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“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.”

In his remarks, the bank’s Chief Finance Officer, Mr Tunde Mabawonku, explained that the strong performance was from the bank’s diversification of its business and value derived from its digital assets

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Mabawonku said, “This has been a strong first half with interest income up 55 per cent and profit before tax up 43 per cent compared to H1 2021.

“This strong showing is down to diversification at different levels of our businesses. Also, it is a testament to the advantage of our investment in digital banking assets which have continued to boost customer satisfaction and build trust for us.”

Punch

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