Q3 2022: Wema Bank Records N95.354 Billion Earnings

Wema Bank Plc has recorded N95.354 billion in earnings for the third quarter of 2022.

This indicates a 51.17% increase compared to the N63.077 billion recorded in the third quarter of 2021.

The bank’s interest income grew by 55.14% from N51.550 billion recorded in 2021 to N79.973 billion.

Interest income from loans and advances grew by 40.23% to N62.245 billion in 2022 from N44.387 billion in 2021.

The income from loans and advances had a 77.83% contribution to the interest income for the period.

During the period under review, net fee and commission income grew to N12.015 billion from N8.722 billion recorded in 2021.

Fees on electronic products also grew by 44.55% to N2.550 billion from N1.764 billion in Q3 2021.

The bank’s profit before tax increased from N7.208 billion in 2021 to N9.457 billion in 2022, a growth of 31.2%.

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