Wema Bank gross earnings rise above N131bn in 2022

Wema Bank Plc has posted N131.08 billion gross earnings for 2022 financial year, representing 42.3 percent growth from N92.14 billion recorded in the corresponding period of 2021.

The Bank in a statement said: “The results which showed positive fundamentals across board, revealed a growth of 44.7 per cent year on year in interest income to N106.07bn from N73.30bn.

“Non interest income shot up to N25.01bn to N18.83 per cent, an increase of 32.8 per cent.”

The statement said the bank’s profit before tax grew to an all time high of N14.74bn year on year as against N12.38bn the previous year, an increase of 19 per cent.

According to the bank, shareholders would receive a dividend of 30 Kobo per ordinary share in what is its biggest dividend payout till date.

The bank grew its deposit year by year by 26 per cent in 2022 to N1.16tn from N927.47bn in 2021.

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