Nigeria: Wema Bank Releases 2023 Half-Year Report, Records N12b Profit Before Tax

Wema Bank has released its unaudited financial statement for the half year ended 30th June 2023. The bank’s profit before tax (PBT) for the six-month period was N12.05b compared to the N6.13bn reported in the corresponding period of 2022.

The company also grew its Profit after Tax (PAT) by 97% to N10.48bn compared to N5.30bn recorded in H1 2022.

The financial institution achieved improved performance including Gross Earnings of N89.09bn, a y/y increase of 49% compared to H1 2022: N59.59bn. Interest Income increased by 53% y/y to N76.11bn while Non-Interest Income up 32% y/y to N12.98bn.

The bank also grew its deposit year to date by 19% as at H1 2023 to N1,392.85bn from N1,165.93bn reported in FY 2022. Loans and Advances also grew by 20% to N627.01bn in H1 2023 from N521.43bn in FY, 2022.

Commenting on the result, the 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.

“Our embrace of technology is helping us deliver seamless best-in-class services while offering compelling value propositions to customers. 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.”

Oseni said with the improved stability in the operating environment, the Bank earlier approved Rights Issuance will be commencing this 3rd quarter of 2023.

“It has been a good half-year performance for Wema Bank with gross earnings growing by 49 per cent year on year and earnings per share at 163.0 kobo.”

“In addition, our cost-to-income ratio at 72.71 per cent has witnessed significant improvement from the previous period.” He added.