As existing shareholders of Wema Bank Plc, awaits the official price of the bank planned N40 billion rights issue slated for the month of August 2022, the oldest indigenous bank recorded an improvement in its 2022 half year gross earnings by 45.9%, from N41,331 billion in 2021 to N60,259 billion in 2022..

The unaudited second quarter financial statement for the period ended June 30, 2022, is coming at a time the board of directors and management are positioning the bank for future opportunities in the financial sector, and also deliver returns on investments for its shareholders.

Highlight of the results shows that profit before tax grew by 42.1% from N4,296 billion in 2021 to N6,103 billion in 2022. In a similar pattern, profit after tax went up by 42.0%, from N3,715 billion in 2021 to N5,276 billion in 2022.

According to the result cost to income ratio was down by 0,5%, total deposit was up by 13.3%, total net loans to total deposits was down by -2.5%, total assets was up by 13.0%, while net assets went up by 3,1%.

Wema Bank Shareholders at an Extraordinary General Meeting (EGM) held in Lagos on December 31 2021, authorized the board of directors to raise the capital, which the bank targets N40 billion  through rights issue.

According to the bank, the fund will be use  to drive growth phase for the bank and accelerate improvements in the share price, deepen value creation, increase credit creation, increase digital play with technology acquisition and increase geographic expansion.

Others aspect which the fund will focused on include deploy one stop digital platform to strengthen digital play for the bank, increased customer acquisition and retention in the youth, SME and financial excluded segments and include valuation of financial services business because of improved size. Meanwhile at the close of trading on Friday July 29, 2022, Wema Bank share price closed at N3.59 Kobo.