Wema Bank emerges best performing bank in H1 2022

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

According to a special report on the Nigerian banking performance in the first half of 2022 prepared by Nairametrics, 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 N1 trillion in 2021 from N887.1 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 13 banks posted an aggregate of N501.1 billion as Profit After Tax, representing an increase of 13.1 per cent compared to N443.17 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’s by customer deposits growth. The bank recorded ±30.2 per cent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 per cent and +12.8 per cent respectively.

Wema Bank came second in three other categories – total assets growth rate (+13 per cent), loan book growth rate (+19.9 per cent) and Profit After Tax growth rate (+47.8 per cent).

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