Wema Bank Emerges Best Performing Bank In Half-year 2022

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Nigeria’s most innovative bank, Wema Bank Plc, has emerged the best-performing bank in the first half of the year 2022 financial year with a weighted average score of 2.83 points, beating 12 other banks.

According to a special report on the Nigerian banking performance in the first half of 2022 Wema Bank ranked first in one category, second in three categories, and third in one category. Stanbic IBTC and First Bank came second and third respectively..

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 ₦1 trillion in 2021 from ₦887.1 billion recorded in 2020.

The 13 reviewed banks are Wema Bank, First Bank of Nigeria, FCMB, GTB, Jaiz Bank, Access Bank, and Stanbic/IBTC. Others are UBA, Sterling Bank, Unity Bank, Union Bank, Zenith Bank, and Fidelity Bank.

During the first six months of 2022, the thirteen banks posted an aggregate of ₦501.1 billion as profit after tax, representing an increase of 13.1% compared to ₦443.17 billion 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.

Wema Bank came first in the category of Leading bank by customer deposits growth.

The bank recorded ±30.2 percent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 percent and +12.8 percent respectively.

Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%), and profit after tax growth rate {+47.8%}.

Stanbic IBTC, the second-place winner, ranked first in total asset growth rate and leading banks by cost-to-income ratio growth rate.

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