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Wema Bank Plc. Reports Gross Earnings of ₦131.1 billion, up 42.3% y-o-y, declares dividend of 30kobo per share

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1 month ago

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Wema Bank

Wema Bank Plc, Nigeria’s most innovative bank, has delivered a stellar fourth quarter 2022 performance and continues its evolution into an unrivalled market leader and efficient bank.

According to a press statement issued by the bank in respect of its audited financial results for the period ended December 31, 2022, the bank recorded gross earnings of N131.08 billion year on year, representing an increase of 42.3 percent over the N92.14 percent posted in 2021.

The results which showed positive fundamentals across board, revealed a growth of 44.7 percent year on year in interest income to N106.07 billion from N73.30 billion. Non interest income shot up to N25.01 billion to N18.83 percent, an increase of 32.8 percent.

Similarly, the bank’s profit before tax grew to an all time high of N14.74 billion year on year as against N12.38 billion the previous year, an increase of 19 percent.

According to the bank, shareholders will receive a dividend of 30 Kobo per ordinary share in what is the biggest dividend payout till date.

The bank grew its deposit year by year by 26 percent as at full year 2022 to N1,165.93 billion from N927.47 billion in 2021. Its stock of loans and advances also grew from N418.86 billion in 2021 to N521.43 billion, showing a rise of 24 percent.

The impressive results showed that total assets hit N1,433.79 billion as against N1,164.52 trillion, a growth of 23 percent. Shareholders funds also moved up to N82.62 billion from N70.36 billion in 2021, an increase of 17 percent.

Commenting on the result, the Managing Director/Chief Executive Officer of the Bank, Mr. Moruf Oseni said,”Our 2022 results show the result of the careful execution if our medium term strategy as we have deliberately focused on deepening on offerings to the corporate, commercial and retail segments of the market using our digital channels while ensuring best in-class customer experience platforms to deliver improvements across all customer touch points. We expect the bottom line to improve even further in 2023″.

Also speaking on the result, the Bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the bank’s continuous investment in the digital space has positioned it as one of the leaders in providing digital banking services to individuals and corporates across the country.
“It has been a good full year performance for Wema Bank with gross earnings growing by 42.3 percent year on year and earnings by share at 87 kobo”, Mabawonku said.
“We have also succeeded in making Wema Bank an integral part of the fintech ecosystem in the country with our ubiquitous fintech infrastructure support play”, he further said.

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PRESS RELEASE

NACJ2023: Akmodel M.D (Dr.) Abdulhakeem Odegade, Others Honoured With Different Integrity Awards

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5 days ago

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May 26, 2023

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NACJ2023: Akmodel M.D (Dr.) Abdulhakeem Odegade, Others Honoured With Different Integrity Awards

It was a glamorous event as the Managing Director of AKMODEL GROUPS, Builder (Dr.) Abdulhakeem Odegade graced the 11th Annual Integrity Lecture And Award Night 2023, hosted by Nigerian Association Of Christian Journalists.

The event which took place at Sheraton Hotel and Tower, Ikeja with Theme: Integrity Is Everything and keynote topic: Upholding Integrity And Democratic Principles For A Progressive Society had many dignitaries in attendance.

Builder (Dr.) Abdulhakeem Odegade amongst many awardees was awarded the Man Of Integrity Of The Year Award (Real Estate).

Other awardees were: Rev. Dr. Soul Nzomimbaye (TH.D), Dr. Mrs Adenike Adeagbo, Hon. John Ifechukwu Nwokoye ILon, Otunba Adesina Ademuyiwa, Apostle Dr. Grace Onuoha just to mention a few.

AKMODEL GROUPS consist of AKMODEL Homes and Properties, AKMODEL Builders and AKMODEL Farms.

They also have landed properties in: Lagos State (Ibeju Lekki, Epe), Uyo, Ibadan, Awka, Abeokuta, Ilorin, Enugu, Ghana and still counting.

SOLIN MEDIA

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Akmodel Md (Dr.) Abdulhakeem Odegade, Favour Benson, Others Graces NACJ2023 Award Nigh

Published

7 days ago

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May 25, 2023

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Akmodel Md (Dr.) Abdulhakeem Odegade, Favour Benson, Others Graces NACJ2023 Award Nigh

 

The golden fish that has no hiding place that he is, Builder (Dr.) Abdulhakeem Odegade, M.D of AKMODEL GROUPS, is set to receive another award at the 11th Annual Integrity Lecture And Award Night 2023 by Nigerian Association Of Christian .Journalists (NACJ2023).

 

This event will take place at Sheraton Hotel and Tower, Ikeja with the keynote speaker being none other than the doyen and symbol of journalistic excellence, Dr. Reuben Abati, who will be speaking on the Theme: Integrity Is Everything with keynote topic: Upholding Integrity And Democratic Principles For A Progressive Society.

 

Recall that barely a fourthnight ago, Bldr. (Dr.) Abdulhakeem Odegade was honoured with Man Of The Year And Excellence Award (Real Estate Entrepreneur 2023) at the Real Estate Conference And Recognition Award (RECRA 2023).

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Photos: RECRA 2023 Host Bldr. (Dr.) Abdulhakeem Odegade, Paul Obazele, Muyiwa Olaiya (GreenPasture Homes), Kayode Olasehinde (Pa James), Eminent Personalities

Published

2 weeks ago

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May 16, 2023

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Photos: RECRA 2023 Host Bldr. (Dr.) Abdulhakeem Odegade, Paul Obazele, Muyiwa Olaiya (GreenPasture Homes), Kayode Olasehinde (Pa James), Eminent Personalities

Builder (Dr.) Abdulhakeem Odegade and other dignitaries from different walks of life created a great experience at the prestigious Real Estate Conferences And Recognition Award ceremony (RECRA 2023) which took place yesterday Sunday, May 14th at The Civic Centre in Victoria Island, Lagos.

The event started with Bldr. (Dr.) Odegade who was the Chairman of the occasion, welcomed everyone to the event which had speakers to thrash the theme of the event which was: Real Estate Market: Prospects In The Midst Of Challenges.

The Chief Speaker, Mr. Oluwale Oloyede (MD/CEO of GreenPasture Homes, Abuja) was represented by their General Manager, Mr. Muyiwa Olaiya and he did justice to the theme.

The event also had other distinguished dignitaries gracing the event such as; the representative of the Executive Governor of Lagos State, His Excellency, Gov. Babajide Sanwo-Olu, Paul Obazele (Brand Ambassador of AKMODEL GROUPS), Favour Benson (Akmodel Media Consultant), Kayode Olasehinde popularly known as Pa James, a veteran Yoruba comic actor and film producer.

Also not left out are representatives from Highbridge Homes LTD., Dukiya Investment LTD., Green Atlas LITD., Pelican Valley Estates Nigeria LTD and other real estate companies just to mention a few..

 

Most of the attendees were also awardees who were honoured in different categories in the real estate sector.

Bldr. (Dr.) Abdulhakeem Odegade was awarded the real estate excellence award as Most Innovative And Reliable Real Estate Entrepreneur Of The Year.

The event was both educative and entertaining with different side attractions such as Comedians: Mc Kirikiri and Mc Pato, the DJ too was on point to liven up the event.

The event was powered by Prestige Real Estate News.

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