• August 13, 2022

Wema Bank records 50% gross earnings

 Wema Bank records 50% gross earnings

By our Reporter

Wema Bank Plc has posted a growth performance across the financial indices in the First-Half of its 2022 operations.

This was disclosed in the Financial Results report for the Period Ended June 30, 2022.

In the report, the bank recorded an increase of 50 percent in its Gross Earnings from the N39.82 billion it recorded in H1 of last year to N59.59 billion. It also grew its Interest Income by 55 percent year-on-year, from the N32.19 billion recorded at this period last year to N49.75 billion.

The bank’s Non-Interest Income went up from N7.64 billion in the period ended June 30, 2021 to N9.85 billion, an increase of 29 per cent. Similarly, Wema Bank recorded a 43 percent increase in Profit before tax (PBT) from N4.30 billion over the same period last year to N6.13 billion for the period under review.

The bank’s Profit after tax (PAT) also increased from N3.72 billion in H1 2021 to N5.30 billion reflecting a raise of 42 per cent.The bank also grew its deposit by 13 percent from n968.17 billion reported in FY 2021 to ?1.09 trillion in the H1 2022. It also grew its loans and advances from N418.86 billion to N447.23billion in H1 2022, an increase of seven per cent.

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