• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, July 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Wema Bank Showcases Strong Q3 Performance

PBT surges by 130%, gross earnings up 61%

by Bukola Idowu
2 years ago
in Business
wema bank
Share on WhatsAppShare on FacebookShare on XTelegram

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

Advertisement

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).

RELATED

Tech Upgrades That Ensure Faster Player Settlements

Tech Upgrades That Ensure Faster Player Settlements

2 hours ago
BAT Nigeria Calls For Export Reforms To Boost Economic Growth

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

7 hours ago

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.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Wema Bank
SendShareTweetShare
Previous Post

Rivers Crisis: Tinubu Intervenes In Fubara-Wike Feud

Next Post

Ecofitness Brand Launches Abuja Hub, Redefines Wellness, Leisure Experience

Bukola Idowu

Bukola Idowu

You May Like

Tech Upgrades That Ensure Faster Player Settlements
Business

Tech Upgrades That Ensure Faster Player Settlements

2025/07/28
BAT Nigeria Calls For Export Reforms To Boost Economic Growth
Business

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

2025/07/28
nigeria, flag
Business

Cross-border Ticket Sales Shrink Domestic Travel Market By 40%

2025/07/28
Electricity: No Political Will To Demolish 4,000 Structures Under Power Line – NEMSA
Business

NEMSA, NISO Partner To Enhance Power Sector Safety, Metering Accuracy

2025/07/28
Eunisell Reaffirms Commitment To Viable Energy Sector In Nigeria
Business

Eunisell Reaffirms Commitment To Viable Energy Sector In Nigeria

2025/07/28
Afrinvest Raises N15bn Working Capital Through Commercial Paper
Business

Afrinvest Unveils Halal Fund For Interest-free, Ethical Investing

2025/07/28
Leadership Conference advertisement

LATEST

BREAKING: Tinubu Rewards Victorious Super Falcons With National Honours, $100,000, Houses

Federal Gov’t Reacts To First Space Travel By Nigerian, Says It Offers Opportunities For Nigeria

Tinubu Sympathises With Victims Of Yola Flood, Niger Boat Mishap

JUST-IN: Tinubu Hosts Victorious Super Falcons At State House

Aiyedatiwa Tasks LG Officials On Transparency, Accountability

Okpebholo Predicts Victory For APC In Edo By-election

Flood: Death Toll Rises To 23 In Adamawa

Movie Producer Oga Amos Wins ‘Man On Cheq’ Award

New Bride Fakes Own Kidnap, Collects N3.6m Ransom

New NDIC Boss Pledges Improved Oversight, Risk Management

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.