Wema Bank Records N14 Billion Profit

For the 2022 financial year, Wema Bank has revealed that its profit before tax grew to N14.74 billion.

This represents a 19 per cent increase compared to the N12.38 billion recorded in the previous year.

The Managing Director/Chief Executive Officer of the bank, Moruf Oseni, while speaking during the bank’s 2022 annual general meeting in Lagos.

Oseni who presented the bank’s 20222 financial results revealed that shareholders would receive a dividend of 30 Kobo per ordinary share in its biggest dividend payout to date.

He added that the bank grew its deposit year by year by 26 per cent as of the end of 2022 to N1.16 trillion from N927.47 billion in 2021.

According to him, Wema Bank's loans and advances also grew from N418.86 billion in 2021 to N521.43 billion, showing a rise of 24 per cent.

“The impressive results showed that total assets hit N1.43 trillion as against N1.16 trillion, a growth of 23 per cent.

“Shareholders’ funds also moved up to N82.62bn from N70.36 billion in 2021, an increase of 17 per cent", he said.

At the meeting, shareholders of the bank commended the board and management for delivering a good result in the financial year.