Wema Bank Plc has achieved N89.09 billion gross earnings in its unaudited results for half year ended June 30th, 2023.
The performance represents 49 per cent increase compared with N59.59 billion during same period of last year.
Interest Income rose by 53 per cent to N76.11 billion, higher than N49.75 billion recorded same period of last year. Non-Interest Income grew by 32 per cent to N12.98 billion, higher than N9.85 billion recorded in half year of 2022.
Profit before Tax (PBT) was N12.05 billion, representing 97 per cent increase over the N6.13 billion reported in first half of last year. Profit after Tax (PAT) also increased by 97 per cent to N10.48 billion, higher than N5.30 billion recorded in first half of 2022.
The bank grew its deposit year to date by 19 per cent as at first half of 2023 to N1,392.85 billion from N1,165.93 billion reported in financial year 2022. Loans and Advances also grew by 20 per cent to N627.01 billion in first half of 2023 from N521.43 billion in financial year, 2022.
Also speaking on the result, the Managing Director communicated that, with the improved stability in the operating environment, the Banks earlier approved Rights Issuance will be commencing this 3rd quarter of 2023.
“It has been a good half year performance for Wema Bank with gross earnings growing by 49 per cent year on year and earnings per share at 163.0 kobo,”. In addition, our cost to income ratio at 72.71 per cent has witnessed significant improvement from the previous period.
