In a report by 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.
Gwamcee News
Wema Bank Plc’s stocks has emerged as the best-performing financial stocks on the Nigerian Exchange during the 2022 financial year.
The report came through an online medium, Nairametrics, titled, ‘The Best Performing Stocks in Nigeria in 2022′, which was achieved by comparing their share prices as of December 31st, 2021, and December 30th, 2022. The analysis considered all 159 publicly listed companies during the period.
According to the report, in a released statement, Wema Bank’s share price appreciated by a whopping 441.7 percent, helping it to close the 2022 year at N3.9, down from the 72 kobo recorded at the end of 2022.
Also, the report stated that the bank recorded a healthy 51% increase in gross earnings in the first nine months of 2022 and a 31% 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.”
It noted that “This fuels speculation that increased profitability in 2022 could suggest a better dividend payout to shareholders. The Nigerian equity market rallied by 19.98% in 2022, higher than the 6.07% recorded in the previous year.
After many years of dividend freezes, the bank has resumed dividend payments to shareholders in the last three years. Wema has modernized 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.”
The report from Nairametrics ranked the bank as the best-performing commercial bank in the first half of 2022 based on metrics from its financial statements.
Wema Bank also won the “Highest Dividend Yield” award at the Pearl Awards in 2022.
While Multiverse Mining Company was another of last year’s best-performing stocks. Meyer Plc, Thomas Wyatt Plc, and Academy Press Plc, among others.
