Wema Bank has reported a 41.7 per cent growth in profit after tax of N12.64 billion in 2022, having made N8.92 billion in 2021.
According to the bank, its gross earnings stood at N129.3 billion in the full year of 2022, up 38.1 percent from N93.63 billion in the full year of 2021.
While its interest income grew 39.5 per cent to N104.4 billion in December 2022 from N74.8 billion in December 2021, its interest expense jumped 52.3 per cent to N53.21 billion in the full year of 2022 from N34.92 billion in the full year of 2021.
Wema bank’s operating income grew by 31 per cent to N74.08 billion in December 2022 from N56.6 billion in December 2021.
The bank’s personnel expenses climbed 28 per cent to N21.32 billion in December 2022 from N16.67 billion in December 2021.
Depreciation and amortization grew 26 per cent to N4.54 billion in the full year of 2022 from N3.34 billion in the full year of 2021.
Loans and advances to customers to N524 billion in December 2022, a 25 per cent increase from N418.86 billion in December 2021.
With deposits from banks, there was a depreciation of 53 per cent to N19.15 billion in the full year of 2022 from N40.7 billion in December 2021, although, there was a growth from deposits coming from customers, a significant 25 per cent to N1.16 trillion in December 2022 from N927.47 billion in December 2021.
Wema Bank’s account maintenance fees grew 31 percent to N2.75 billion in the full year of 2022 from N2.1 billion in the full year of 2021.
Total fee and commission income increased by 23.5 percent to N16.58 billion in the full year of 2022 from N13.42 billion in the full year of 2021.
The bank’s net trading income jumped 155 percent to N3.96 billion in the full year of 2022 from N1.55 billion in the similar period of 2021.
Advertising and marketing expenses stood at N3.27 billion in the full year of 2022, up 159 percent from N1.26 billion in the full year of 2021.
Prepayments grew slightly by 9 percent to N1.01 billion in December 2022 from N927.9 million in December 2021.
Net cash from operating activities jumped to N180.03 billion in the full year of 2022, indicating a huge 1484 percent increase from N11.36 billion in the full year of 2021.
Net cash used in investing activities stood at a negative cash flow of N183.44 billion from a positive of N8.4 billion in the period reviewed
Net cash from financing activities stood at N11 billion from N7.56 billion negative cash flow year on year.
Cash and cash equivalents dropped 13 percent to N95.41 billion in the full year of 2022 from N109.72 billion in the full year of 2021.
Basic earnings per share to N98.3 from N23.1 in the period reviewed
