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With gross earnings of ₦150.90 billion, the bank reported a significant 61% increase in earnings over the previous year. In addition, Interest Income increased 61% year over year to ₦126.67 billion, while Non-Interest Income increased 58% year over year to ₦24.23 billion.
The most notable accomplishment was the remarkable increase in Profit before Tax (PBT), which increased from ₦9.46 billion in Q3 2022 to ₦21.76 billion in Q3 2023, a 130% year-over-year increase. In a similar vein, Profit after Tax (PAT) rose from ₦8.19 billion in Q3 2022 to ₦18.88 billion, a 131% year-over-year rise.
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Deposits at the bank have increased significantly as well, rising 42% year-to-date to ₦1,650.75 billion from ₦1,165.93 billion in FY 2022. Additionally, loans and advances increased by 27% from ₦521.43 billion in FY 2022 to ₦661.30 billion in Q3 2023.
Commenting on the results, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni, said: “Our Q3 2023 results show significant improvements, with both profit before and after tax growing strongly by about 130% and 131%, respectively.
“Wema Bank had a strong Q3 performance, with gross earnings growing by 61% year-on-year and earnings per share at 199.6 kobo. Additionally, our cost-to-income ratio at 71.11% has witnessed significant improvement from the previous period.”
Wema Bank has reaffirmed its commitment to fortifying its financial position by launching an N40 billion capital-raising initiative and submitting an application for clearance to the SEC.
The bank intends to finish this process by the end of 2023 and has been actively interacting with shareholders and other stakeholders.
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