Wema Bank sustains growth as Q1 profit rises by 119%
Wema Bank Plc continued its growth momentum in the first quarter (Q1) of 2022, building on the impressive result it recorded in the 2021 financial year. Similarly, profit before tax during the review period soared to N3.3 billion as against N1.5 billion made in Q1 of 2021, reflecting a growth of 119 percent. Profit after tax also increased year on year to N2.86 billion in Q1 2022 from N1.30 billion in Q1 of 2021. The bank had posted N9.6 billion profit before tax (PBT) in the full year ended December 31, 2021 as against N5.9 billion in 2020.
The bank which announced the release of its unaudited result for the three months to March 31,2022 recorded gross earnings of N29.14billion, representing a year-on-year (yoy) increase of 62 percent as against N17.96 billion recorded in the first quarter of 2021.
Other highlights of the bank’s 2022 first quarter result include a qualitative rise in interest income to N23.53billion year-on-year, an increase of 58 percent compared to the N14.92 achieved in Q1 of 2021.
The bank also grew its deposit base year to date by 6 percent to N1.022 trillion from N968 billion in FY 2021. Also on the positive side, loans and advances rose from N418 billion in FY, 2021 to N433 billion in Q1, 2022.
Commenting on the result, the Managing Director/Chief Executive officer of the bank, Ademola Adebise attributed the impressive performance to the relentless spirit and hard work of the employees.
“Our human capital resource remains the single most important factor in our upward trajectory and improved figures in recent times. They have been cracking difficult business puzzles and providing business solutions that solve business problems amazingly and incredibly,” Adebise said.
Also commenting on the result, the bank’s Chief Finance Officer, Tunde Mabawonku, explained the bank’s, progressive business development drive and the deployment of cutting-edge technology to deliver superior banking services to their customers as the critical success factors.
“We have deployed digital banking assets to optimize customer satisfaction as well as to reduce cost and inefficiency. ALAT has been strengthened and has been well received by the business community as well as the youth segment of the market.
“We hope to build on these successes and deliver greater value and services to our esteemed customers and deliver better returns to our shareholders”, Mabawonku said