Wema Bank’s Profit Before Tax Hits N30.46 Billion, Showing Over 100% Growth in FY 2023

Wema Bank Plc, one of Nigeria’s banks on Wednesday reported a 104.7% increase in profit before tax from N14.88 billion in 2022 to N30.46 billion in the 2023 financial year ended December 31, 2023.

This was disclosed in the bank’s unaudited financial statement obtained by Investors King on Tuesday.

Gross earnings soared to N214.70 billion, representing an increase of 61.4% from the N133.05 billion reported in 2022.

The banks’ loans and advances to customers surged by 53.88% to N802.36 billion in 2023 from N521.43 billion in the corresponding year.

Also, interest income witnessed a substantial growth of 68.34% to N181.87 billion from N108.04 billion in 2022.

The bank’s operating income also experienced a considerable uptick, rising to N109.11 billion, a 46.6% increase from N74.44 billion in the previous fiscal period.

Wema Bank’s profit for the year rose to N23.36 billion, indicating a growth rate of 105.8% from N11.35 billion in 2022.

These robust financial results underscore Wema Bank’s commitment to driving sustainable growth and delivering value to its shareholders amidst a dynamic and challenging operating environment.