Business

Wema Bank Records Impressive Financial Performance In 2022 Half-Year Reports

Published

2 years ago

August 2, 2022

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Wema Bank Plc, pioneer of Africa’s first fully digital bank and one of Nigeria’s most resilient banks, has posted a growth performance across all financial indices in the First-Half of its 2022 operations.

This information is contained in the Financial Results for the Period Ended 30 June, 2022 released in Lagos on 28 July, 2022.

In the report, the bank recorded an increase of 50 percent in its Gross Earnings from the ₦39.82 billion it recorded in H1 of 2021 to ₦59.59 billion. It also grew its Interest Income by 55 percent year-on-year, from the ₦32.19 billion recorded at this period last year to ₦49.75 billion. The bank’s Non-Interest Income went up from ₦7.64 billion in the period ended 30 June, 2021 to ₦9.85 billion, an increase of 29 percent.

Similarly, Wema Bank recorded a 43 percent increase in Profit before tax (PBT) from ₦4.30 billion over the same period last year to ₦6.13 billion for the period under review. The bank’s Profit after tax (PAT) also increased from ₦3.72 billion in H1 2021 to ₦5.30 billion reflecting a raise of 42 percent.

The bank also grew its deposit by 13 percent from ₦968.17 billion reported in FY 2021 to ₦1.09 trillion in the H1 2022. It also grew its loans and advances from ₦418.86 billion to ₦447.23b in H1 2022, an increase of seven percent.

Ademola Adebise, the Managing Director/Chief Executive officer of the bank, attributed the remarkable performance to increased customer satisfaction the bank delivers through its investment in technology.

“Our performance has shown strong and promising results in the second quarter. Customers have continually shown trust in our proficiency, innovation, and service delivery even as the market gets more challenging. That said, I am confident, that despite increased volatility and uncertainty, we will continue to scale up, manoeuvre the environment, creatively manage our resources, and drive long-term, substantial returns for shareholders.”

In his own remarks, the bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the strong performance stems from the bank’s diversification of its business and value derived from its digital assets.

“This has been a strong first half with Interest Income up 55% and Profit Before Tax up 43% compared to H1 2021.” Mabawonku said.

“This strong showing is down to diversification at different levels of our businesses. Also, it is a testament to the advantage of our investment in digital banking assets which have continued to boost customer satisfaction and build trust for us. Also, we are aware of the challenges that the rising cost of living is having on our customers and stakeholders. Given the size of our balance sheet and income growth, we have trust in our ability to continue to provide support and help cushion the impact of growing costs in the market,” he explained.

Related Topics:2022 Half-Year Reports featured Wema Bank

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UBA Shareholders Earn 375% Capital Gains In 5 Years

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3 days ago

December 12, 2024

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Shareholders of United Bank for Africa have enjoyed 375 per cent capital gains in nearly five years.

Official data at the Nigerian stock market at the weekend indicated that investors in UBA have continued to earn an average annual return of about 75 per cent over the last five years. This highlights UBA’s impressive records as a high-yielding, inflation-hedging stock.

The trading report for the period between December 31, 2019, and December 06, 2024, showed that UBA recorded a cumulative capital gain of 374.83 per cent during the period, representing an average annual gain of 74.97 per cent.

UBA’s share price opened in 2020 at N7.15 per share and closed the weekend at N33.95 per share, 35.26 per cent above its 2024 opening price of N25.10 per share.

An analysis of the data showed that an investor who had advanced N500,000 in the shares of UBA at the year’s opening price for 2020 now has a real, immediate market value of more than N2.374m due to accumulated capital gains. This excludes accrued cash dividends over the period under review.

UBA is currently offering existing shareholders exclusive opportunities to increase their shareholdings in the bank with its ongoing N239.4bn rights issue.

The pan-African banking group is offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted based on one new ordinary share of 50 kobo each to every five ordinary shares held as of November 05, 2024. The rights issue is scheduled to close on December 24, 2024.

Speaking on the significance of the share price movement, market analysts were unanimous that share prices are illustrative of the fundamental values of quoted companies.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said share pricing at the stock market thrives on a concept of a “forward-pricing mechanism,” where investors take into consideration the potential future return based on available track records and emerging developments.

Managing Director, HighCap Securities Limited, Mr. David Adonri, said share price is a reflection of the market value for a company, comprising both past performances and future expectations.

Meanwhile, for the nine months ended September 30, 2024, UBA reported 83.2 per cent growth in gross earnings to N2.39tn, almost double the N1.31tn recorded in the third quarter of 2023.

Profit before tax increased to N603.48bn compared with N502.09bn recorded in the third quarter of 2023. Profit after tax also rose from N449.26bn in the third quarter of 2023 to N525.31bn in the third quarter of 2024.

The group balance sheet size expanded by 54 per cent to N31.80tn by September 2024 as against N20.653tn recorded at the end of December 2023 as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with total deposits rising to N26.50tn, representing a 52.7 per cent rise from N17.355tn at the end of December 2023.

Business

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Published

1 month ago

November 4, 2024

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Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support. Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Business

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 3rd November 2024

Published

1 month ago

November 3, 2024

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The black market dollar to Naira exchange rate on Sunday 3rd November 2024 can be accessed below.

JomogNews Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1710 and sold it for N1720 on Sunday, November 3rd, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.