Vibrant financial institution, Wema Bank Plc has delivered N131.08 billion gross earnings in its audited financial results for the period ended December 31, 2022.
The gross earnings represent an increase of 42.3 per cent over the N92.14 per cent posted in 2021.
The results, which showed positive fundamentals across board, also show a growth of 44.7 per cent year-on-year in interest income to N106.07 billion from N73.30 billion.
Non-interest income shot up to N25.01 billion to N18.83 per cent, an increase of 32.8 per cent.
The bank’s profit before tax grew to an all-time high of N14.74 billion as against N12.38 billion the previous year, an increase of 19 per cent.
Also, shareholders will receive a dividend of 30 Kobo per ordinary share in what is the biggest dividend payout till date.
The bank grew its deposit year by year by 26 per cent as at 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 per cent.
The results showed that total assets hit N1,433.79 billion as against N1,164.52 trillion, a growth of 23 per cent. Shareholders funds also moved up to N82.62 billion from N70.36 billion in 2021, an increase of 17 percent.
Managing Director/Chief Executive Officer of the Bank, Moruf Oseni said: “Our 2022 results show the result of the careful execution if 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.”
The bank’s Chief Finance Officer, 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.”
Credit: thenationonlineng.net
