Wema Bank Plc has recorded 130 per cent pre-tax profit for the third quarter of 2023, a surge of 61 per cent year-on-year gross earnings. This was made known in its unaudited results for the 3rd Quarter ended on 30th September 2023.
According to the unaudited results, the bank showcased a strong third-quarter performance as it continued its growth trajectory and momentum across all key performance indicators.
Commenting on the results, 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 130% & 131% respectively.
“It has been a good Q3 performance for Wema Bank with gross earnings growing by 61% year on year and earnings per share at 199.6 kobo,” the CFO said. In addition, our cost-to-income ratio at 71.11% has witnessed significant improvement from the previous period.
The commercial bank achieved an impressive Gross Earnings of N150.90bn, a y/y increase of 61% (Q3 2022: ₦93.86bn). Interest Income went up 61 per cent y/y to ₦126.67bn (Q3 2022: ₦78.48bn). Non-interest income also jumped up 58% y/y to ₦24.23bn (Q3 2022: ₦15.38bn).
In an unprecedented feat, Profit before Tax (PBT) soared to ₦21.76bn a y/y increase of 130 percent over the ₦9.46n reported in Q3 2022.
Similarly, Profit after Tax (PAT) also increased y/y by 131 per cent to ₦18.88bn (₦8.19bn in Q3 2022). The bank grew its deposit year to date by 42 per cent to ₦1,650.75bn from ₦1,165.93bn reported in FY 2022.
Loans and Advances also grew by 27 per cent to ₦661.30bn in Q3 2023 from ₦521.43bn in FY, 2022.
The bank has also succeeded in the completion of raising its AT1 capital amounting to NGN 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 by regulatory requirements.
Wema Bank has also commenced its N40bn Capital raising exercise with its application to the SEC to approve the issue. It has yearned and consulted several critical shareholders and stakeholders, with a plan to wrap up before the end of 2023.
