Wema Bank’s Profit Before Tax Skyrockets by 196% to N43.59bn in 2023

Wema Bank Plc’s profit before tax (PBT) for the 2023 fiscal year increased by 196% to N43.59 billion compared to N14.75 billion recorded in the previous year.

This positive financial performance underscores the bank’s resilience and strategic initiatives amidst a dynamic economic landscape.

According to the lender’s full-year 2023 audited financial statement filed with the Nigerian Exchange Limited, Wema Bank’s growth cut across key financial units.

The bank’s return on equity stood at 39.28% while deposits surged by 59.65% to N1.86 trillion in 2023 from N1.16 trillion in the previous year.

This significant increase in deposits affirmed customers’ confidence in Wema Bank’s stability and reliability as a financial institution.

The bank disclosed that it successfully raised N40 billion in its first tranche of capital raise.

The Managing Director/Chief Executive Officer of the bank, Mr Moruf Oseni, said “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in profit before tax, which grew strongly by 196 percent.

“The growth of gross earnings by 72 percent, total assets by 56 percent and earnings per share at 279.5 kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio of 64.37 percent has witnessed significant improvement from the previous period.”

“We are satisfied with the bank’s performance in the first year of the new leadership team, as we move on a strong growth trajectory. Our target remains clear, we want to become a top-tier bank in the industry powered by digital excellence, we have carved a niche for ourselves with ALAT as a retail platform, but we are now positioning the enterprise as the intelligent platform for all financial services.

“We have partnered with the Federal Government on upskilling two million MSMEs, provided engagement platforms for all NYSC members and now implementing partnerships in health, education, women’s empowerment and the green economy.”

“In the months ahead, we will be developing platforms and supporting initiatives that prioritise the needs of our customers, leveraging technology to solve problems across all sectors,” Oseni declared.