Wema Bank Records Significant Growth in Q1 2023 with 88.81% YoY Increase in Profit After Tax

Wema Bank Plc has achieved remarkable growth in the first quarter of 2023 with an 88.81% year-on-year increase in profit after tax, according to the bank’s unaudited results for the quarter ended on March 30, 2023.

The bank reported gross earnings of N39.35bn during the period, up 35.04% from N29.14bn in the same period in 2022.

Interest income also saw a significant year-on-year increase of 31.73% to N33.63bn, while non-interest income rose 1.96% year-on-year to N5.72bn.

The bank recorded a profit before tax (PBT) of N6.21bn, an increase of 88.18% compared to N3.30bn reported in Q1 2022.

Profit after tax also increased by 88.81% to N5.40bn, up from N2.86bn recorded in Q1 2022. While total deposits saw a slight decline of 0.44% to N1.16tn from N1.17tn reported in FY 2022, loans and advances rose by 0.47% to N523.90bn in Q1 2023 from N521.43bn in FY 2022.

The bank attributed its impressive financial performance to its continued efforts in executing its strategic plans, as well as its commitment to customer satisfaction and innovation.

The bank’s management expressed satisfaction with the positive results, stating that the performance underscores its resolve to build a sustainable institution that delivers long-term value to all its stakeholders.

Wema Bank Plc is a reputable financial institution in Nigeria, committed to providing innovative solutions that meet the evolving needs of its customers.

With the bank’s impressive financial performance in Q1 2023, it is well-positioned to continue delivering value to its shareholders and customers while contributing to the growth and development of the Nigerian economy.

Commenting on the performance, the Managing Director/Chief Executive Officer of the bank, Mr Moruf Oseni, said, “Our Q1, 2023 results shows the acceleration in our growth plan and our continued focus on delivering optimal returns to our investors as well as the impact of a talented workforce dedicated to delivering exceptional service to our customers.

“We expect this growth to continue all through the 2023 financial year.”

Also speaking on the result, the bank’s Chief Finance Officer, Mr Tunde Mabawonku, explained that the bank’s continued focus on prudent asset creation and management as well as its deliberate emphasis on building a best-in-class digital play was yielding commendable results and will position it for industry leadership in the future.

“It has been a good Q1, performance for the bank with gross earnings growing by 35.04 per cent year on year and earnings per share at 168.0kobo,” Mabawonku said.