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Wema Bank records increased revenue, generates N59.59bn in H1 2022

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ALAT: Customers allege data abuse, illegal banking practice by Wema Bank, seek investigation

Wema Bank Plc has posted a growth performance across all financial indices in the First-Half of its 2022 operations. This information is contained in the Financial Results for the Period Ended 30 June, 2022 released in Lagos on 28 July, 2022.

The bank reported its turnover for H1 2022 rose to N59.59 billion, surpassing the N39.82 billion recorded in H1 of 2021, indicating a 50% growth year-on-year.

The lender’s Interest Income grew faster than the revenue, posting 55% year-on-year increase, considering it closed the first Half of this year at N49.75 billion, above the N32.19 billion of H1 last year.

On the back of the growth in earnings and interest income, Wema Bank posted N5.30 billion Profit after tax (PAT), in contrast to the N3.72 billion PAT reported between January to June 2021, reflecting a raise of 42%.

Read also:Wema Bank launches Leadership School to re-skill and groom leaders

During the period under review, the Financial Statements revealed that customer deposit grew 13% from N968.17 billion reported in FY 2021 to N1.09 trillion in the H1 2022, with loans and advances to account holders hitting N447.23 billion in H1 2022, against the N418.86 billion of same period last year.

Speaking on Wema Bank’s earnings for H1, the company’s Managing Director/Chief Executive officer, Ademola Adebise, said “Our performance has shown strong and promising results in the second quarter.

“Customers have continually shown trust in our proficiency, innovation, and service delivery even as the market gets more challenging.

“That said, I am confident, that despite increased volatility and uncertainty, we will continue to scale up, manoeuvre the environment, creatively manage our resources, and drive long-term, substantial returns for shareholders.”

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