Wema Bank Reports N131.1 billion In Gross Earnings

<h4>Wema Bank Reports N131&period;1 billion In Gross Earnings<&sol;h4>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Wema Bank Plc&comma; Nigeria&&num;8217&semi;s most innovative bank&comma; has delivered a stellar fourth quarter 2022 performance and continues its evolution into an unrivalled market leader and efficient bank&period;<&sol;p>&NewLine;<p>According to a press statement issued by the bank in respect of its audited financial results for the period ended December 31&comma; 2022&comma; the bank recorded gross earnings of N131&period;08 billion year on year&comma; representing an increase of 42&period;3 percent over the N92&period;14 percent posted in 2021&period;<&sol;p>&NewLine;<p>The results which showed positive fundamentals across board&comma; revealed a growth of 44&period;7 percent year on year in interest income to N106&period;07 billion from N73&period;30 billion&period; Non interest income shot up to N25&period;01 billion to N18&period;83 percent&comma; an increase of 32&period;8 percent&period;<&sol;p>&NewLine;<p>Similarly&comma; the bank&&num;8217&semi;s profit before tax grew to an all time high of N14&period;74 billion year on year as against N12&period;38 billion the previous year&comma; an increase of 19 percent&period;<&sol;p>&NewLine;<p>According to the bank&comma; shareholders will receive a dividend of 30 Kobo per ordinary share in what is the biggest dividend payout till date&period;<&sol;p>&NewLine;<p>The bank grew its deposit year by year by 26 percent as at full year 2022 to N1&comma;165&period;93 billion from N927&period;47 billion in 2021&period; Its stock of loans and advances also grew from N418&period;86 billion in 2021 to N521&period;43 billion&comma; showing a rise of 24 percent&period;<&sol;p>&NewLine;<p>The impressive results showed that total assets hit N1&comma;433&period;79 billion as against N1&comma;164&period;52 trillion&comma; a growth of 23 percent&period; Shareholders funds also moved up to N82&period;62 billion from N70&period;36 billion in 2021&comma; an increase of 17 percent&period;<&sol;p>&NewLine;<p>Commenting on the result&comma; the Managing Director&sol;Chief Executive Officer of the Bank&comma; Mr&period; Moruf Oseni said&comma;&&num;8221&semi;Our 2022 results show the result of the careful execution if our medium term strategy as we have deliberately focused on deepening on offerings to the corporate&comma; commercial and retail segments of the market using our digital channels while ensuring best in-class customer experience platforms to deliver improvements across all customer touch points&period; We expect the bottom line to improve even further in 2023&&num;8243&semi;&period;<&sol;p>&NewLine;<p>Also speaking on the result&comma; the Bank&&num;8217&semi;s Chief Finance Officer&comma; Mr&period; Tunde Mabawonku&comma; explained that the bank&&num;8217&semi;s continuous investment in the digital space has positioned it as one of the leaders in providing digital banking services to individuals and corporates across the country&period;<br &sol;>&NewLine;&&num;8220&semi;It has been a good full year performance for Wema Bank with gross earnings growing by 42&period;3 percent year on year and earnings by share at 87 kobo&&num;8221&semi;&comma; Mabawonku said&period;<br &sol;>&NewLine;&&num;8220&semi;We have also succeeded in making Wema Bank an integral part of the fintech ecosystem in the country with our ubiquitous fintech infrastructure support play&&num;8221&semi;&comma; he further said&period;<&sol;p>&NewLine;