Wema bank profit grows to N12.6bn in 2022

Wema Bank has reported a N12.6 billion profit in 2022, its highest profit in seven years.

The full-year 2022 profit is also 41.7 percent increase when compared to N8.92 billion in the full year of 2021.

The numbers were contained in Wema bank‘s financial result which was submitted to the Nigerian exchange.

Other details from the bank’s financials includes gross earnings at N129.3 billion in the full year of 2022, up 38.1 percent from N93.63 billion in the full year of 2021.

Interest income grew 39.5 percent to N104.4 billion in December 2022 from N74.8 billion in December 2021.

Wema Bank’s interest expense jumped 52.3 percent to N53.21 billion in the full year of 2022 from N34.92 billion in the full year of 2021.

Read also:Wema Bank appoints Oseni as MD/CEO to replace Adebise

Operating income grew 31 percent to N74.08 billion in December 2022 from N56.6 billion in December 2021.

The bank’s personnel expenses climbed 28 percent to N21.32 billion in December 2022 from N16.67 billion in December 2021.

Loans and advances to customers increased to N524 billion in December 2022, a 25 percent increase from N418.86 billion in December 2021.

Deposits from customers also climbed 25 percent to N1.16 trillion in December 2022 from N927.47 billion in December 2021.

Wema Bank’s account maintenance fees grew 31 percent to N2.75 billion in the full year of 2022 from N2.1 billion in the full year of 2021.

Total fee and commission income increased by 23.5 percent to N16.58 billion in the full year of 2022 from N13.42 billion in the full year of 2021.

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