Wema Bank Profit Rises To N5.4bn In Q1  

Wema Bank Plc has posted an increase of 88.81 per cent in its profit for the three months period ended March 31, 2023 as it recorded a profit after tax of N5.4 billion compared to N2.86 billion that it made in the comparable period of 2022.

The bank, in its first quarter unaudited financials released to investors on the Nigerian Exchange said, it recorded Gross Earnings of N39.35 billion, a year on year increase of 35.04 per cent as against N29.14 billion recorded in the first quarter of 2022.

Similarly, its Interest Income went up by 31.73 per cent year on year to N33.63 billion compared to N25.53 billion in Q1 2022, while Non-Interest Income went up 1.96 per cent to N5.72 billion compared to N5.61 billion recorded in Q1 2022.

The bank’s Profit Before Tax (PBT) rose by the end of the three months period to of N6.21 billion, a year on year increase of 88.18 per cent over the N3.30 billion reported in Q1 2022.

Total deposits in the first quarter of the year had a slight decline by 0.44per cent to N1.16 trillion from N1.16 trillion reported in full year of 2022. Loans and Advances rose by 0.47per cent to N523.90 billion in Q1 2023 from N521.43 billion in full year of 2022.

Commenting on the result, the managing director and chief cxecutive of the bank, Mr. Moruf Oseni said: “our Q1 2023 results shows the acceleration in our growth plan and our continued focus on delivering optimal returns to our investors as well as the impact of a talented workforce dedicated to delivering exceptional service to our customers.

We expect this growth to continue all through the 2023 financial year.”

Also speaking on the result, the bank’s Chief Finance officer, Mr. Tunde Mabawonku, explained that, the bank’s continued focus on prudent asset creation and management as well as its deliberate emphasis on building a best-in-class digital play is yielding commendable results and will position it for industry leadership in the future.