Wema Bank has demonstrated remarkable financial growth, posting a Profit Before Tax (PBT) surge of over 130% to N21.76 billion at the close of the third quarter of 2023.
This significant increase from N9.46 billion in the corresponding period of 2022 solidifies the bank’s position as a leading financial institution in Nigeria.
Analysis of the bank’s financials for the first three quarters of 2023 reveals a substantial 130% growth in PBT, reaching N21.76 billion.
Additionally, gross earnings witnessed a notable 61% increase, reaching N150.90 billion in Q3 2023 compared to N93.86 billion in Q3 2022.
Wema Bank attributes its robust financial performance to a strategic focus on progress, emphasizing its commitment to customer financial security.
The bank disclosed an impressive 73% reduction in fraud and burglary losses, further underscoring its dedication to sustaining positive momentum.
In the half-year results, Wema Bank’s profit after tax saw a significant 97% rise, reaching N10.48 billion from N5.30 billion in H1 2022.
Gross earnings appreciated to N89.09 billion, marking a substantial 49% year-on-year increase (H1 2022: N59.59 billion).
Interest income also recorded a 53% increase, reaching N76.11 billion (H1 2022: N49.75 billion). Non-interest income experienced a commendable 32% growth, totaling N12.98 billion (H1 2022: N9.85 billion).
The profit before tax reached N12.05 billion, showcasing a remarkable 97% year-on-year increase over the N6.13 billion reported in H1 2022.
Moruf Oseni, the Managing Director/Chief Executive Officer of Wema Bank, highlighted the significance of technology adoption in delivering enhanced services and compelling value propositions to customers.
Oseni stated, “Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97%.
The management team at Wema Bank is focused on driving the execution of our current corporate strategy.”
The CEO emphasized the bank’s continued progress in corporate, commercial, and retail businesses, citing strong loan growth as evidence of positive developments.
Wema Bank, renowned for pioneering Africa’s first fully digital bank, ALAT, continues to set benchmarks in the financial industry with its commitment to technological innovation and customer-centric strategies.
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