Wema Bank Refutes Distress Report, Says It’s Standing Strong

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, said it was not in distress and its depositors were not in panic, following what it called unsubstantiated reports in some sections of the media.

The bank said rather than bow to pressure from some peddlers of distasteful news, it has been receiving praises and commendation from customers and shareholders nationwide following its unprecedented 2023 financial performance as captured in the bank’s Q3 2023 Financial Results.

According to the Q3 results referenced, Wema Bank’s Profit Before Tax [PBT] skyrocketed by a whopping 130% in 2023, with a recorded N21.76billion [Q3] against the previous year’s N9.46billion. This upsurge extended to other financial parameters—one of them being Gross Earnings as the bank achieved a 61% increase in Gross Earnings, going from Q3’s N93.86billion to ₦150.90billion in Q3 2023.

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A statement from the bank on Wednesday said: “Beyond these impressive results, the bank additionally earned the commendation of customers across Nigeria for its evident success in combating fraud and ensuring financial security for customers, as results revealed that bank had reported legal claims in the sum of N8billion and recorded the least reported fraud losses in the sum of N239.92million in 2023, a staggering 73% reduction in comparison to previous figures.

“Contrary to the information being circulated, the bank’s depositors are not in panic because this information is not a discovery. These are disclosure items required of banks in their AFS, which Wema bank have made same public on the pages of her financial statements.

“In view of Wema Bank’s extraordinary financial growth and progress within just one year, customers and shareholders applaud the pioneering bank in anticipation of the successes to be unravelled as the trajectory of Wema Bank’s journey soars on an upward incline.

“Wema Bank, as usual, continues to exceed all expectations and hit seemingly impossible targets, earning the loyalty of Nigerians across Nigeria. The solid range of initiatives and diverse solutions offered by Wema Bank both online and offline gives substance to the bank’s rising numbers. It is no surprise that financial results are significantly improving by the day.”