Q2 2022: Wema Bank Records 50% Increase In Profit

Wema Bank Plc has said it has recorded N59.59 gross earnings in the half year of 2022, compared to N39.82 billion recorded in the half year of 2021which indicates a 50 per cent increase.

The bank also revealed in its financial results for the period ended June 30, 2022, that its interest income grew by 55 per cent year-on-year, from the N32.19 billion recorded in H1, 2021 to N49.75 billion.

The bank’s non-interest income also grew by 29 per cent, from N7.64 billion in the period ended June 30, 2021, to N9.85 billion.

A 43 per cent increase in profit before tax was also recorded by Wema Bank recorded from N4.30 billion over the same period last year to N6.13 billion for the period under review.

There is also a 42 per cent increase in profit after tax also increased from N3.72 billion in H1 2021 to N5.30 billion.

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

The bank's loans and advances grew by seven per cent, from N418.86 billion to N447.23 billion in H1 2022.

Ademola Adebise, the Managing Director/Chief Executive officer of the bank, attributed the performance to the 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.

“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.”

Also speaking on growth, 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 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.”