Wema Bank announces N43.59bn profit for 2023

Wema Bank Plc has announced N43.59 billion profit before in audited result and accounts for full year ended December 31, 2023, a growth of about 196 per cent from N14.75 billon reported in 2022.

The bank’s impressive performance in gross earnings that hits N225.75billion in 2023, a growth of 72 per cent from N131.08billion in 2022 drive profit.

Amid growth in profit, the management proposed dividend per share of 50kobo; up from 30kobo in 2022

Wema Bank announced Deposit growth of 60per cent to ₦1,860.57billion from ₦1,165.93billion reported in FY 2022.

 The lender aimed to N40billion 1st tranche of Capital raise that awaits final regulatory approvals.

Commenting on the results, the MD/CEO, Mr. Moruf Oseni said, ‘2023 showcased a revitalized 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 per cent.

“The growth of Gross Earnings by 72 per cent, Total Assets by 56per cent and earnings per share at 279.5 kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 64.37 per cent has witnessed significant improvement from the previous period.

We also completed our N40billion Capital raise exercise (results awaiting final verification by regulators). This exercise actively positioned us for the new capital licensing requirements of the Central Bank of Nigeria. Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

The Bank will be proposing a dividend per share of 50kobo to its shareholders at the next Annual General Meeting; this is in line with the Banks capital conservation strategy and to ensure that it continues to provide returns to its shareholders in anticipation of additional capital raises scheduled for later this year.

According to Mr. Oseni, “We are satisfied with the bank’s performance in the first year of the new leadership team, as we move in 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 (2) Million MSMEs, provided engagement platforms for all NYSC members and now implementing partnerships in Health, Education, Women empowerment and in the green economy.

“In the months ahead, we would be developing platforms and supporting initiatives that prioritize the needs of our customers, leveraging technology in solving problems across all sectors.”

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