Wema Bank PLC has reported audited results for the fourth quarter of 2022, which ended on December 31.
The bank’s gross earnings reached a record high of 131.08 billion (Fiscal Year 2021: 92.14 billion), up 42% from the previous year. To 106.07 billion, interest income increased 44.7% year over year (compared to 73.30 billion in Fiscal Year 2021). Non-Interest Income reached $25.01 billion, up 32.8% from the previous year (Fiscal Year 2021: 18.83 billion).
Profit before Tax (PBT) increased from the $12.38 billion reported in Fiscal Year 2021 by 19.1% to $14.74 billion over the course of the year. PAT, which was 8.93 billion in Fiscal Year 2021, increased by 25.5% over the course of the year to 11.21 billion.
The bank’s total deposits increased by 26% to $1,165.93 billion in fiscal year 2022 from the $927.47 billion reported in fiscal year 2021. Loans and advances increased by 24%, from 418.86 billion in FY 2021 to 521.43 billion in FY 2022.
According to Mr. Moruf Oseni, the bank’s chief executive officer and managing director, the results for 2022 “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 grow even more in 2023.
The bank’s chief financial officer, Mr. Tunde Mabawonku, also commented on the outcome, explaining that the bank’s ongoing investments in the digital sector have given it a leading position in the provision of digital banking services to individuals and businesses nationwide.
He continued, “We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in the country with our current Fintech infrastructure support play.”
Wema Bank had a successful full year, with gross earnings up 42.3% year over year and earnings per share at 87.2 kobos.
