Wema Bank’s profit increases by 97% to N10.48bn

Wema Bank reported that its profit after tax increased by 97% to N10.48 billion in the first half of the 2023 fiscal year from N5.30 billion in the first half of 2022.

It made this disclosure in its unaudited financial statements for the fiscal year ended June 2023, which were posted to the Nigerian Exchange Limited.

The bank reported improved performance, with gross earnings of N89.09 billion, up 49% from the prior year’s first quarter (H1, 2022: N59.59 billion).

To N76.11 billion (H1, 2022: N49.75 billion), interest income increased by 53%. Non-interest income increased by 32% to N12.98 billion (compared to N9.85 billion in H1 2022).

Its profit before tax was N12.05 billion, a 97 percent increase over the N6.13 billion reported in H1 2022 year over year.

The bank increased its year-to-date deposit by 19% as of H1, 2023, from the N1.165 billion reported in the 2022 fiscal year to N1.392 billion.

Additionally, from N521.43 billion in FY 2022, loans and advances increased by 20% to N627.01 billion in H1 2023.

The bank’s managing director and chief executive officer, Moruf Oseni, commented on the results, saying, “Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97 percent. The management at Wema Bank is concentrated on advancing the implementation of our current corporate strategy.

Oseni claimed that the bank’s use of technology was enabling it to offer customers more appealing value propositions while providing better service.

So, we are experiencing record-breaking returns everywhere, he explained. Finally, as evidenced by our robust loan growth, we are still experiencing improvements in our corporate, commercial, and retail businesses.

Additionally disclosed was the fact that the bank’s rights issuance would start in the third quarter of 2023.