Wema Bank gets high rating

Wema Bank Plc has emerged as the best performing bank in the first half of year 2022 financial year with a weighted average score of 2.83 points ahead of 12 other banks.

A statement said Nigerian banking performance in the first half of 2022 prepared by Nairametrics showed that Wema Bank ranked first in one category, second in three categories, and third in one category.

The statement read in parts,” The key metrics considered in the report are total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

“The 13 reviewed banks which are listed on the Nigerian Exchange, posted a net profit of N1tn in 2021 from N887.1bn recorded in 2020.”

During the first six months of 2022, the report said the 13 banks recorded an aggregate of N501.1bn as profit after tax, representing an increase of 13.1 per cent compared to N443.17bn recorded in the corresponding period of 2021

“The banks grew their bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country, while some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation.”

It further that Wema Bank came first in the category of leading banks by customer deposits growth.


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