Financial Brands News

Wema Bank’s Profit Rises by 97 Per Cent to N10.48bn

Wema Bank reported  its profit after tax rose by 97 per cent in the first half of 2023 financial period to N10.48bn from N5.30bn in H1, 2022.

This was disclosed in its unaudited financial statements for the period ended June 2023, filed on the Nigerian Exchange Limited.

The bank achieved improved performance including gross earnings of N89.09bn, a year-on-year increase of 49 per cent (H1, 2022: N59.59bn).

Interest income went up by 53 per cent to N76.11bn (H1, 2022: N49.75bn). Non-interest income appreciated by 32 per cent to N12.98bn (H1, 2022: N9.85bn).

Its profit before tax was N12.05bn, a year-on-year increase of 97 per cent over the N6.13bn reported in H1 2022.

The bank grew its year-to-date deposit by 19 per cent as of H1, 2023 to N1.392bn from N1.165bn reported in the 2022 financial year.

Loans and advances also grew by 20 per cent to N627.01bn in H1, 2023, from N521.43bn in FY, 2022.

Managing Director/Chief Executive Officer of the bank, Moruf Oseni, said, “Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97 per cent. The management team at Wema Bank is focused on driving the execution of our current corporate strategy.”

Oseni stated that the bank’s adoption of technology was helping it deliver better services while offering compelling value propositions to customers.

He said, “Hence, we are seeing record-breaking returns across the board. Finally, we continue to see improvements in our corporate, commercial, and retail businesses as evidenced by our strong loan growth.”

It was also revealed that the bank’s rights issuance would commence in the third quarter of 2023.

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