Wema Bank Plc, Nigeria’s first digital bank, has announced its unaudited results for the third quarter ended September 30, 2023., Showing an improved third quarter performance.
According to the unaudited results released, the bank continued its growth trajectory and momentum across all key performance indicators.
The commercial bank achieved an impressive Gross Earnings of N150.90billion, a y/y increase of 61per cent (Q3 2022: N93.86billion). Interest Income went up 61 per cent y/y to N126.67billion (Q3 2022: N78.48billion). Non-Interest Income also jumped up 58% y/y to N24.23billion (Q3 2022: N15.38billion).
In an unprecedented feat, Profit before Tax (PBT) soared to N21.76billion a y/y increase of 130 percent over the N9.46billon reported in Q3 2022.
Similarly, Profit after Tax (PAT) also increased y/y by 131 per cent to N18.88billion (N8.19billion in Q3 2022). The bank grew its deposit year to date by 42 per cent to N1,650.75billion from N1,165.93billion reported in FY 2022.
Loans and Advances also grew by 27 per cent to N661.30billion in Q3 2023 from N521.43billion in 2022.
Commenting on the result, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, “Our Q3 2023 results saw significant improvements with profit before and after tax growing strongly by about 130per cent & 131 per cent respectively’.
“It has been a good Q3 performance for Wema Bank with gross earnings growing by 61per cent year on year and earnings per share at 199.6 kobo,” the CFO said. In addition, our cost to income ratio at 71.11per cent has witnessed significant improvement from the previous period.
The bank has also succeeded in the completion of raising its AT1 capital amounting to N 21 billion after obtaining CBN approval, This signifies a critical milestone for our organization, and it further underscores its commitment to maintaining a robust capital structure in accordance with regulatory requirements,
The bank has also commenced its N40bn Capital raising exercise with its application to SEC to approve the issue. It has the yearged and consulted several critical shareholders and stakeholders, with a plan to wrap up before year end 2023.