• Fri. May 24th, 2024

Wema Bank Achieves Remarkable 196% Profit Growth In 2023 Financial Report

ByHybrid News

Apr 20, 2024

Wema Bank has unveiled its full-year 2023 audited financial statement, showcasing an impressive 196% increase in profit before tax, soaring from ₦14.75 billion to N43.59 billion.

The bank’s performance reflects a revitalized outlook, characterized by substantial improvements across key financial metrics. Notably, Wema Bank proposed a dividend per share of 50 kobo, a significant uptick from 30 kobo in 2022, underscoring its commitment to delivering value to shareholders.

In addition to robust profit growth, Wema Bank reported a remarkable 60% increase in deposits, reaching ₦1,860.57 billion compared to ₦1,165.93 billion in FY 2022. The bank’s Return on Equity (ROAE) stood at an impressive 39.28%, while Non-Performing Loans (NPL) remained low at 4.31%.

Commenting on the financial results, the Managing Director/CEO, Mr. Moruf Oseni, expressed satisfaction with the bank’s performance, highlighting the significant improvements achieved in various areas. He emphasized the bank’s commitment to capital management, with the completion of a ₦40 billion capital raise exercise to meet regulatory requirements.

Oseni reiterated Wema Bank’s focus on becoming a top-tier institution driven by digital excellence. He emphasized the bank’s strategic initiatives, including partnerships with the Federal Government to upskill two million MSMEs and engagement platforms for NYSC members.

Looking ahead, Wema Bank aims to prioritize customer needs and leverage technology to address challenges across various sectors. The bank remains steadfast in its pursuit of growth and innovation, positioning itself as the intelligent platform for all financial services.

As Wema Bank continues on its growth trajectory, stakeholders anticipate further value creation and strategic initiatives that will solidify its position as a leading player in the Nigerian banking industry.

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