Business
Wema Bank posts N132.30bn revenue for 2022, shareholders to pocket N3.85bn
Wema Bank generated N132.30 billion in revenue between January to December 2022, surpassing the N93.63 billion recorded during the same period in 2021.
This is a 41.29 per cent year-on-year growth, according to Wema Bank’s 2022 Annual Report and Statement of Account released on April 19.
Ripples Nigeria learnt the lender’s Net Interest Income rose to N54.22 billion in the review period. This is 35.9 per cent or N14.35 billion higher than the N39.87 billion posted by Wema Bank in the 12 months period in 2021.
Also, fees on electronic products hit N6.13 billion in 2022, indicating Wema Bank earned N2.68 billion more than the N3,45 billion the company generated from the revenue source in the corresponding period of 2021.
READ ALSO:Wema Bank, Seplat, Zenith Bank make stocks to watch list this week
The growth extended into the financial institution’s Profit After Tax (PAT), which closed last year with N11.35 billion, up by 27.17 per cent when compared to the N8.92 billion PAT netted the preceding year.
Wema Bank’s earnings growth enables the firm to increase its dividend payout to shareholders for the financial period of 2022, as the board of directors proposed N0.30 kobo.
This means shareholders will receive a combined N3.85 billion dividend, which is above the N3.08 billion paid out to Wema Bank’s equity investors last year for the financial period of 2021.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...