The bank recorded gross earnings of ₦131.08bn, a year on
year increase of 42% (FY 2021: ₦92.14bn). Interest Income up 44.7% y/y to
₦106.07bn (FY 2021: ₦73.30bn). Non-Interest Income up 32.8% y/y to ₦25.01bn (FY
2021: ₦18.83bn). Profit before Tax (PBT) was ₦14.74bn, a y/y increase of 19.1%
over the ₦12.38bn reported in FY 2021. Profit after Tax (PAT) also increased
y/y by 25.5% to ₦11.21bn (₦8.93bn in FY 2021).
The bank grew its deposit year to date by 26% as at FY 2022
to ₦1,165.93bn from ₦927.47bn reported in FY 2021. Loans and Advances rose by
24% to ₦521.43bn in FY 2022 from ₦418.86bn in FY 2021.
Commenting on the results, the Managing Director/Chief
Executive Officer of the Bank, Mr. Moruf Oseni said, “Our 2022 results show the
result of the careful execution of our medium-term strategy as we have
deliberately focused on deepening our offerings to the corporate, commercial
and retail segments of the market using our digital channels while ensuring
best in class customer experience platforms deliver improvements across all
customer touchpoints. We expect the bottom line to improve even further in
2023.”
Also speaking on the results, the Bank’s Chief Finance
Officer, Mr. Tunde Mabawonku, explained that the bank’s continuous investment
in the digital space has positioned it as one of the leaders in providing
digital banking services to individuals and corporates across the country.
“It has been a good full year performance for Wema Bank with
gross earnings growing by 42.3% year on year and earnings per share at
87.2kobo.
“We have also succeeded in making Wema Bank an integral part
of the Fintech ecosystem in the country with our ubiquitous fintech
infrastructure support play,” Mabawonku stated.