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Wema Bank’s pre-tax profit rises 196% in Y2023

By Monsurudeen Olowoopejo

After a thorough check of all financial activities, Wema Bank has released its audited financial results for Y2023, showing exceptional and impressive performance across all its major indicators.

In the report, the global financial institution recorded 196 per cent growth in profit before tax, representing an increase from ₦14.75 billion in Y2022 to N43.59 billion.

The bank also proposed a dividend per share of 50kobo; up from 30 kobo in 2022 and a deposit growth of 60 per cent representing ₦1,860.57 billion from ₦1,165.93 billion recorded in the previous year.

“Return on Equity (ROAE) of 39.28%, NPL of 4.31% and N40 billion 1st tranche of Capital raise awaiting final regulatory approvals,” a statement from the bank said.

Explaining what the financial indices portends for the bank, the Managing Director, Moruf Oseni, said that the figures indicated how the bank has been strengthen to achieve more.

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.”

He noted that the gross earnings increased by 72%, Total Assets by 56% and earnings per share at 279.5 kobo shows the core improvements to the bank’s balance sheet.

“In addition, our cost to income ratio at 64.37% has witnessed significant improvement from the previous period.

“We also completed our N40bn 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 50 kobo to its shareholders at the next Annual General Meeting; this is in line with the Bank’s 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.

“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 Million MSMEs, provided engagement platforms for all NYSC members and are 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 prioritise the needs of our customers, leveraging technology in solving problems across all sectors.”

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