Wema Bank Plc Profit Before Tax Rise by 130% in Q3 2023

Wema Bank Plc has announced its Profit Before Tax as it shows that it rose 130% to N21.76bn at the end of Q3 2023 which settled at the corresponding year which stood as N9.46bn in 2022.

The breakdown of the bank’s financials shows that Q1, Q2, Q3 of 2023, Wema Bank increased by 130% increase in Pofit Before Tax to N21.76bn and 61% increase in gross earnings to N150.90bn in Q3 2023, when compared to Q3 2022 which stood at N93.86bn.

In the bank recent statement, it said that it recorded 73% decline due to fraud and burglary losses which reveals the bank’s commitment in making sure that customers funds are secured.

Wema Bank said its growth strengthened its position as Nigeria’s leading financial institution.

In the half-year results, Wema Bank’s profit after tax increased by 97% to N10.48bn which was from the corresponding which stood at N5.30bn in 2022.

Wema Bank gross earnings increased by 49% to N89.09bn, which was from the corresponding year, which stood at N59.59bn in 2022.

Wema Bank interest income increased by 53% to N76.11bn, which was from the corresponding year, which stood at N49.75bn in 2022.

Wema Bank non-interest income increased by 32% to N12.98bn, which was from the corresponding year, which stood at N9.85bn in 2022.

Wema Bank profit before tax increased by 97% to N12.05bn, which was from the corresponding year, which stood at N6.13bn in 2022.

Discussing on the half-year 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.

• 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.

Wema Bank pioneered Africa’s first fully digital bank, called ALAT.