Wema bank Plc has emerged as the best-performing bank ahead of 12 other banks in the first half of 2022 with a weighted average score of 2.83%.
According to a special report on the Nigerian banking performance in H1 prepared by Nairametrics, Wema Bank ranked first in one category, second in three categories and third in another category. Stanbic IBTC and First Bank of Nigeria Limited were 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 publicly quoted banks posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020.
The 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 report said the thirteen 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”, the report said.
• Wema Bank came first in the category of leading banks 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 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 bank by cost-to-income ratio growth rate.
