Wema Bank records 119% rise in PBT

WEMA Bank Plc continued its growth momentum in the first quarter of 2022, building on the superlative result recorded in the 2021 financial year. The bank 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 three- month result ended March 31, 2022, recorded gross earnings of N29.14 billion, representing a year- onyear increase of 62 per cent 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 N23.53 billion year- on- year ( YOY), an increase of 58 per cent compared to the N14.92 achieved in Q1 of 2021.

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 per cent. Profit after tax also increased to N2.86 billion in Q1 2022 from N1.3 billion in Q1 of 2021.

The bank also grew its deposit base year to date by six per cent to N1.022 trillion from N968 billion in FY 2021. Also, loans and advances rose from N418 billion in financial year 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 amasingly and incredibly," Adebise said.