Wema Bank reports gross earnings of N131bn in 2022

Stories by Chima Nwokoji Lagos

Wema Bank Plc has delivered a stellar fourth quarter 2022 performance and continues its evolution into an unrivalled market leader and efficient bank. window.aries window.aries window.aries.v1 window.aries.v1 commands const aries window.aries.v1 aries.commands.push(() > const zoneId ‘7238’ const anchor document.getElementById(‘vidverto220384c5a71e46dd814afa69547f2b3f’) anchor.removeAttribute(‘id’) aries.mount(zoneId, anchor, width 720, height 405, ) ) )()>

According to a press statement issued by the bank in respect of its audited financial results for the period ended December 31, 2022, the bank recorded gross earnings of N131.08 billion yearonyear, representing an increase of 42.3 percent over the N92.14 percent posted in 2021.

The results, which showed positive fundamentals across board, revealed a growth of 44.7 percent yearonyear in interest income to N106.07 billion from N73.30 billion.

Noninterest income shot up to N25.01 billion to N18.83 billion, an increase of 32.8 percent.

Similarly, the banks profit before tax grew to an alltime high of N14.74 billion yearonyear as against N12.38 billion the previous year, an increase of 19 percent.