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Wema Bank posts N22bn profit


Moruf Oseni, Wema Bank MD/CEOWema Bank grew its Profit Before Tax by over 130 per cent to N21.76bn at the end of the third quarter of 2023 from N9.46bn at the end of the same period in 2022.

An analysis of the bank’s financials revealed that for the first three quarters of 2023, Wema Bank recorded a 130 per cent increase in Profit Before Tax to N21.76bn and 61 per cent increase in gross earnings to N150.90bn in Q3 2023, compared to Q3 2022’s N93.86bn.

In a statement, the bank said that it recorded a 73 per cent reduction in fraud and burglary losses, a testament to the bank’s commitment to sustaining progress and ensuring the financial security of its customers.

The bank said that its growth had strengthened its position as Nigeria’s leading financial institution

In its half-year results, Wema Bank’s profit after tax rose by 97 per cent to N10.48bn from N5.30bn in H1, 2022.

Its gross earnings also appreciated to N89.09bn; a year-on-year increase of 49 per cent (H1, 2022: N59.59bn).

Interest income increased by 53 per cent to N76.11bn (H1, 2022: N49.75bn). Non-interest income appreciated 32 per cent to N12.98bn (H1, 2022: N9.85bn). Its profit before tax was N12.05bn, a year-on-year increase of 97 per cent over the N6.13bn reported in H1 2022.

Speaking on the half-year result, the Managing Director/Chief Executive Officer of the bank, Moruf Oseni, said, “Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97 per cent. The management team at Wema Bank is focused on driving the execution of our current corporate strategy.”

Oseni stated that the bank’s adoption of technology was helping it deliver better services while offering compelling value propositions to customers.

He said, “Hence, we are seeing record-breaking returns across the board. Finally, we continue to see improvements in our corporate, commercial, and retail businesses as evidenced by our strong loan growth.”

Wema Bank Wema Bank pioneered Africa’s first fully digital bank called ALAT.

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