Wema Bank has refuted recent claims of distress, asserting its robust financial health and stellar performance in 2023.
The bank, in a resolute statement, categorically denies the validity of media reports suggesting financial turmoil.
Contrary to the speculative narratives, Wema Bank proudly highlights the overwhelming support it has garnered from satisfied customers and shareholders nationwide.
The focal point of this acclaim is the unprecedented 2023 financial performance, as unveiled in the bank’s Q3 2023 Financial Results.
According to these reports filed with the Nigerian Exchange Limited, Wema Bank achieved a remarkable 130% surge in Profit Before Tax, soaring from N9.46bn in the previous year to an impressive N21.76bn.
The financial success story doesn’t end there; Wema Bank reports a substantial 61% increase in gross earnings, elevating from N93.86bn to a formidable N150.90bn by the close of Q3, 2023.
This upward trajectory underscores the bank’s resilience and strategic financial management in the face of economic challenges.
Addressing concerns about the security of depositors’ funds, Wema Bank underscores its commitment to transparency and risk mitigation.
The bank discloses legal claims amounting to N8bn, a testament to its responsible reporting practices. Notably, Wema Bank proudly records the least reported fraud losses in 2023, totaling N239.92m.
This figure marks a significant 73% reduction compared to previous periods, showcasing the bank’s unwavering dedication to safeguarding its customers’ assets.
In the face of adversity, Wema Bank stands strong, backed by impressive financial figures, positive customer feedback, and a resolute commitment to maintaining the highest standards in the banking industry.
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