Wema Bank Plc’s stock has emerged as the best-performing financial stock on the Nigerian Exchange during the 2022 financial year, the company disclosed in a statement.
While citing a report by an online medium, Nairametrics, titled, ‘The Best Performing Stocks in Nigeria in 2022’, the bank disclosed in a statement that its share price appreciated by 441.7 per cent, helping it to close the 2022 year at N3.9, down from 72 kobo.
Wema Bank added that the report analysed the best-performing stocks in 2022, comparing their share prices as of December 31st, 2021, and December 30th, 2022 while considering all 159 publicly listed companies during the period.
It stated, “The bank recorded a healthy 51 per cent increase in gross earnings in the first nine months of 2022 and a 31 per cent increase in post-tax profit. Investors rallied around the bank’s stocks despite a general downturn in most banking stocks during the year.
“Similarly, Wema Bank declared a final dividend of 24 kobo per ordinary share to its shareholders in 2021.”
The statement noted that “This fuels speculation that increased profitability in 2022 could suggest a better dividend payout to shareholders.
“After many years of dividend freezes, the bank has resumed dividend payments to shareholders in the last three years. Wema bank has modernised its processes and has increasingly leveraged digital technologies to serve its customers, boosting efficiency and productivity in the process.
“Additionally, the bank enjoyed a profitable year in terms of its financial performance and equity performance.”
It noted that the report ranked Wema Bank as the best-performing commercial bank in the first half of 2022 based on metrics from its financial statements.
