Wema Bank reports N3.3bn profit in Q1 2022
Wema Bank Plc on Friday announced N3.3billion profit before tax in its unaudited financial statement for the quarter ended March 31, 2022.
The lender has grown its profit before tax by 118.95 per cent from N1.51bilion reported in Q1 2021.
Wema Bank on the Nigerian Exchange Limited (NGX) reported N2.86billion profit in Q1 2022 from N1.3billion in Q1 2021.
From the bank’s profit & loss figures, gross earnings grew by 57 per cent to N30.6billion in Q1 2022 from N19.47billion in Q1 2021.
The bank sustained its impressive performance on the heel of robust corporate earnings in 2021 financial year.
It recorded an increase of 108.3per cent in profit before tax to close the year at N12.38 billion. This was driven by a Year-on-Year growth of 15.35per cent in gross earnings to N92.14billion in 2021 from N79.88billion in 2020.
In a statement made to the public by the bank, the Managing Director. Mr. Ademola Adebise said: “I am delighted to announce our performance for the year ended December 31, 2021. The Bank’s 2021 results shows robust growth in all key financial metrics despite the challenging macro-economic environment.
“Our year end numbers highlight the strong growth trajectory of the financial institution. We comfortably crossed the ₦1trillion mark in total assets, with a share of approximately per cent of industry deposits.”
