Business

Wema Bank posts N39.82bn gross earnings in H2 ’22

Wema Bank Plc has recorded an increase of 50 per cent in its gross earnings from the N39.82 billion it recorded in H1 of 2021 to N59.59 billion. This information is contained in the Financial Results for the period ended June 30, 2022.

 

According to the report, the bank also grew its interest income by 55 per cent year-on-year, from the N32.19 billion recorded at this period last year to N49.75 billion. The bank’s Non-Interest Income went up from N7.64 billion in the period ended June 30, 2021 to N9.85 billion, an increase of 29 per cent.

 

Similarly, Wema Bank recorded a 43 per cent increase in profit before tax (PBT) from N4.30 billion over the same period last year to N6.13 billion for the period under review.

The bank’s profit after tax (PAT) also increased from N3.72 billion in H1 2021 to N5.30 billion reflecting a raise of 42 per cent. The bank also grew its deposit by 13 per cent from N968.17 billion reported in FY 2021 to N1.09 trillion in the H1 2022.

 

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