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Wema Bank Surges With 196% Profit Growth, Secures N40bn Capital Raise

Wema Bank Plc has revealed its robust financial performance for the fiscal year ending December 31, 2023, showcasing an impressive 196 per cent surge in profit before tax from ₦14.75 billion in 2022 to ₦43.59 billion. 

The bank’s deposit growth also skyrocketed by 60 per cent to ₦1,860.57 billion, a significant leap from ₦1,165.93 billion reported in the previous fiscal year.

 Additionally, Wema Bank’s return on Equity (ROAE) stands at an impressive 39.28 per cent, with non-performing loans (NPL) at 4.31 per cent.

A pivotal highlight of the report is the announcement of a N40 billion first tranche of capital raise, awaiting final regulatory approvals. 

Speaking on the remarkable results, Mr. Moru Oseni, the MD/CEO of Wema Bank, expressed satisfaction with the bank’s revitalized performance, attributing it to substantial improvements across various metrics.

 Oseni emphasised the bank’s commitment to accelerating its capital management plans, aligning with the Central Bank of Nigeria’s new capital licensing requirements.

In anticipation of further capital raises scheduled for later in the year, Wema Bank is poised to propose a dividend per share of 50 kobo to its shareholders at the upcoming Annual General Meeting, as part of its capital conservation strategy. 

Oseni underscored the bank’s aspiration to ascend to the ranks of top-tier banks, propelled by digital excellence. 

Leveraging its flagship retail platform, ALAT, Wema Bank aims to evolve into an intelligent platform catering to diverse financial service needs.

Moreover, the bank has embarked on strategic partnerships with the Federal Government, focusing on upskilling .

Two Million MSMEs, fostering engagement among NYSC members, and venturing into sectors such as Health, Education, Women empowerment, and the green economy.

 Looking ahead, Wema Bank is committed to leveraging technology to address customer needs across all sectors, fostering innovation, and driving growth.

 

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