Wema Bank Plc’s stocks emerged as the best performing financial stocks on the Nigerian Exchange during the 2022 financial year.
In a report titled “The Best Performing Stocks in Nigeria in 2022,” Nairametrics compiled and analyzed the best-performing stocks in 2022, 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, Wema Bank’s share price appreciated by a whopping 441.7 percent. This helped it to close the 2022 year at N3.9, down from the 72 kobo recorded at the end of 2022. 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.
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