Finance

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

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

Wema Bank Plc has said its gross earnings rose by 42.3 per cent to N131.08bn as of the end of 2022 financial period from N92.14bn in the corresponding period of 2021.

It revealed this in a statement on its audited financial results for the period ended December 31, 2022.

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The statement said, “The results which showed positive fundamentals across board, revealed a growth of 44.7 per cent year on year in interest income to N106.07bn from N73.30bn.

“Non interest income shot up to N25.01bn to N18.83 per cent, an increase of 32.8 per cent.”

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The statement said the bank’s profit before tax grew to an all time high of N14.74bn year on year as against N12.38bn the previous year, an increase of 19 per cent.

According to the bank, shareholders would receive a dividend of 30 Kobo per ordinary share in what is its biggest dividend payout till date.

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The bank grew its deposit year by year by 26 per cent in 2022 to N1.16tn from N927.47bn in 2021.

Punch

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