Wema Bank grows earnings by 50% to N59.59bn in H1 2022

By Grace Airhule  

Wema Bank Plc’s gross earnings rose by 50 percent to N59.59bn in the first half of 2022 from N39.82bn in the corresponding period of 2021.

Wema Bank announced this in a statement on its financial results for the period ended 30 June, 2022, saying it also grew its interest income by 55 percent year-on-year to N49.75bn, up from N32.19bn recorded in H1, 2021.

The bank’s non-interest income rose by 29 percent to N9.85bn in the first half of 2022, up from N7.64bn recorded in the period ended 30 June, 2021.

Wema Bank recorded a 43 percent increase in profit before tax to N6.13bn in the period under review, from N4.30bn over the same period last year, while its profit after tax also increased to N5.30bn, indicating a 42 percent over the N3.72bn recorded in H1 2021.

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

It grew its loans and advances by 7 percent to N447.23bn in H1 2022, from N418.86bn in the year-earlier period.

Ademola Adebise, managing director/CEO of Wema Bank, attributed the performance to increased customer satisfaction the bank delivers through its investment in technology.

“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,” Adebise said.

“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,” he said.

Tunde Mabawonku, the bank’s chief finance officer, explained that the strong performance was from the bank’s diversification of its business and value derived from its digital assets

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

“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,” he said.