Wema Bank Showcases Strong Q3 Performance

Wema Bank has announced its unaudited results for the third quarter ended September 30, 2023, showing an improved third quarter performance.

According to the unaudited results released, the bank continued its growth trajectory and momentum across all key performance indicators.

The commercial bank achieved a gross earnings of ₦150.90bn, a year on year increase of 61 per cent (Q3 2022: ₦93.86bn).

Interest income went up 61 percent year on year to ₦126.67bn (Q3 2022: ₦78.48bn). Non interest income also jumped up 58 per cent year on year to ₦24.23bn (Q3 2022: ₦15.38bn).

In an unprecedented feat, Profit Before Tax (PBT) soared to ₦21.76bn a year on year increase of 130 percent over the ₦9.46n reported in Q3 2022. Similarly, Profit after Tax (PAT) also increased year on year by 131 percent to ₦18.88bn (₦8.19bn in Q3 2022).

The bank grew its deposit year to date by 42 percent to ₦1,650.75bn from ₦1,165.93bn reported in FY 2022. Loans and advances also grew by 27 percent to ₦661.30bn in Q3 2023 from ₦521.43bn in FY, 2022.

Commenting on the result, the Managing Director/Chief Executive Officer of the bank, Moruf Oseni said, “Our Q3 2023 results saw significant improvements with profit before and after tax growing strongly by about 130 per cent and 131 per cent respectively. It has been a good Q3 performance for Wema Bank with gross earnings growing by 61 per cent year on year and earnings per share at 199.6 kobo.

“In addition, our cost to income ratio at 71.11% has witnessed significant improvement from the previous period.The bank has also succeeded in the completion of raising its AT1 capital amounting to N21 billion after obtaining CBN approval. This signifies a critical milestone for our organisation and it further underscores its commitment to maintaining a robust capital structure in accordance with regulatory requirements.

“The bank has also commenced its N40bn capital raising exercise with its application to SEC to approve the issue. It has the yearged and consulted several critical shareholders and stakeholders, with a plan to wrap up before year end 2023.”