Wema Bank explains growth drivers

The Managing Director/CEO of Wema Bank Plc, Ademola Adebise, has explained the facts behind the bank’s growing numbers during the half year ended June 30, 2022.
[ad]
Wema Bank recently released its second quarter unaudited financial result for the period ended June 30, 2022, showing a 50 per cent increase in its gross earnings from N39.82 billion recorded in 2021 to N59.59 billion in H1 2022.

The bank also grew its deposit by 43 per cent from N968.17 billion reported in FY 2021 to N1.09 trillion in H1 2022. It recorded a 43 per cent increase in profit before tax (PBT), from N4.30 billion to N6.13 billion.

Speaking at the analysts’ conference and Investors’ call, Adebise said: “Our digital channels remain a priority in meeting customer needs and closing the financial inclusion gap. With a transaction value of N131.5 billion, USSD recorded over 58.6 million in transaction count (+55 per cent), reaffirming our focus to grow channel usage.

“Mobile banking users completed over 42.8 million transactions within the review period, further driving the financial inclusion initiative.”
[ad]