Wema Bank declares N11.35bn profit, proposes N0.30 dividend

Wema Bank Plc has announced N11.35billion profit after tax in its audited result and accounts for the full year ended December 31, 2022, an increase of 27.17per cent from N8.93billion reported in 2021 financial year.

Profit before Tax (PBT) increased by 19per cent to N14.75 billion from N12.38 billion in FY 2021.

Amid impressive performance in profits, the management of the bank proposed N0.30 dividend payout to shareholders.

One of the oldest banks in Nigeria on the Nigerian Exchange Limited (NGX) continued to record improved performance, as Gross Earnings grew by 42per cent from N92.14 billion in 2021 to N131.08 billion in 2022.

The bank grew its Total Deposits by 26per cent as of FY 2022 to N1,165.93billion from N927.47billion reported in FY 2021.

Total Assets as of December 2022 stood at N1,434.08 billion, representing a 23per cent increase over the N1,164.52 billion recorded in the corresponding year of 2021 and placing the bank squarely above the N1 trillion mark a milestone we surpassed in Q3 2021.

Additionally, loans to customers rose by 24per cent to close the year 2022 atN521.43billion from the N418.86bn billion recorded in 2021.

The Chairman of Wem Bank, Mr. Babatunde Kasali said the bank has always worked to put its customers first and meet their needs every step of the way, whether through their local bank branch or through ALAT, the digital banking platform.

“We will continue to work towards our goal of becoming Nigeria’s dominant digital banking platform, an objective which requires an unwavering focus on our digital business, a key lever for customer acquisition, retention, and engagement.

“This will go hand in hand with our ongoing efforts to strengthen our corporate and commercial play. In addition, we will continue our aggressive strategy to improve our commercial lending business alongside trade and other revenue lines, aswell as work to drive growth through digital capabilities in the long term.

“As previously explained, we will continue to pursue both organic and inorganic growth opportunities, building on our gains in market share and deposit base. We also plan to complete the capitalraise that we started in 2021 by the second quarter of the new year,” he said.

On 2023 outlook, he added: “In the coming year, the Bank will continue to push for growth and the achievement of its strategic objectives. GDP growth rates of 3.8per cent (Sub-Saharan Africa) and 3.2per cent (Nigeria) projected for the year indicate steady, if modest, growth that will increase business opportunities and open up new markets.

“This outlook, however, is uncertain, as the associated risks are skewed to the downside, with achievement dependent on a number of factors.

He said the bank would continue to pursue all avenues to deliver on its promise of seamless customer service and superior returns, while also empowering customers and non-customers through the provision of innovative products and services.

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