Wema Bank has announced robust financial performance for the third quarter of 2023, posting a Profit Before Tax (PBT) of N21.76 billion, marking an extraordinary growth of over 130% compared to the N9.46 billion recorded at the same period in 2022. The bank’s financials for the first three quarters of 2023 also indicate a 61% increase in gross earnings, reaching N150.90 billion in Q3 2023 compared to N93.86 billion in Q3 2022.
A detailed analysis of Wema Bank’s financial report highlighted a 73% reduction in fraud and burglary losses, underscoring the bank’s commitment to sustaining progress and ensuring the financial security of its customers. The impressive growth has further solidified Wema Bank’s position as a leading financial institution in Nigeria.
Interest income experienced a significant surge, rising by 53% to N76.11 billion (H1 2022: N49.75 billion), while non-interest income appreciated by 32% to N12.98 billion (H1 2022: N9.85 billion). The bank’s profit before tax reached N12.05 billion, marking a remarkable year-on-year increase of 97% compared to the N6.13 billion reported in H1 2022.
Commenting on the half-year result, Moruf Oseni, the Managing Director/Chief Executive Officer of Wema Bank, emphasized the bank’s commitment to executing its current corporate strategy. Oseni highlighted the pivotal role of technology adoption in delivering better services and offering compelling value propositions to customers. He stated, “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.”
Wema Bank has been at the forefront of digital innovation and pioneered Africa’s first fully digital bank known as ALAT. The positive financial results for Q3 2023 showcase the bank’s resilience, strategic focus, and dedication to providing innovative banking solutions to its customers.
