Wema records 196 percent profit before tax in 2023 financial report


Wema Bank has announced its full Year 2023 Audited financial statement, recording profit before tax growth of 196 per cent from ₦14.75bn to N43.59 billion.

The bank also proposed a dividend per share of 50kobo; up from 30 kobo in 2022 and deposit growth of 60 per cent to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022.

“Return on Equity (ROAE) of 39.28%, NPL of 4.31% and N40billion 1st tranche of Capital raise awaiting final regulatory approvals,” a statement from the bank said.

Commenting on the results, the MD/CEO, Mr. Moruf Oseni said, “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 196%.”

He noted that the growth of Gross Earnings by 72%, Total Assets by 56% and earnings per share at 279.5 kobo shows the core improvements to the bank’s balance sheet.

“In addition, our cost to income ratio at 64.37% has witnessed significant improvement from the previous period.

“We also completed our N40bn Capital raise exercise (results awaiting final verification by regulators). This exercise actively positioned us for the new capital licensing requirements of the Central Bank of Nigeria. Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

“The Bank will be proposing a dividend per share of 50 kobo to its shareholders at the next Annual General Meeting; this is in line with the Bank’s capital conservation strategy and to ensure that it continues to provide returns to its shareholders in anticipation of additional capital raises scheduled for later this year.

“We are satisfied with the bank's performance in the first year of the new leadership team, as we move in a strong growth trajectory. Our target remains clear, we want to become a Top-Tier Bank in the industry powered by Digital excellence, we have carved a niche for ourselves with ALAT as a Retail platform, but we are now positioning the enterprise as the Intelligent platform for all financial services.

“We have partnered with the Federal Government on upskilling Two Million MSMEs, provided engagement platforms for all NYSC members and are now implementing partnerships in Health, Education, Women empowerment and in the green economy.

“In the months ahead, we would be developing platforms and supporting initiatives that prioritize the needs of our customers, leveraging technology in solving problems across all sectors.”

src: https://leadership.ng/wema-bank-records-196-profit-before-tax/

Banks are making profit while other sectors are posting losses

It’s only in Nigeria companies make so much turnovers. Nigerians are being milked daily by these so called service providers with poor service rendered

Great, more success sir.

You will never see this bank having financial issues yet they don’t make noise

This Bank has been withstanding growth over the years thanks to focussed leadership, good customers and committed staff of the bank.

Good for them, Unity bank is the worst bank in Nigeria, that useless bank needs to be closed down

StJasper:
Banks are making profit while other sectors are posting losses

most of this financial institutions are thieves and scammers, one of this useless banks once removed ten thousand naira from my account without sending me debit alert, I downloaded my statement of account from my bank app, while going through it I discovered ten k was removed from my account, I complained to the bank and they promised to do something about it, I kept disturbing them until they reversed the money, since then I always make sure I downloaded my statement of account every month, nobe me dem go use blow.

Same bank owned by davido dad abi nobe this one ?

Elzazzi:
Same bank owned by davido dad abi nobe this one ?

make una try de read before commenting now, haba! Had it been you read the full story you for see were dem mention the owner name

Good news to their shareholders.

BANK OF THE WEST!


GOD BLESS OBAFEMI AWOLOWO

GOD BLESS SOUTHWESTERN STATES!

Elzazzi:
Same bank owned by davido dad abi nobe this one ?

Which Davido? You guys over rate this celebrities too much.....

Not surprised one bit.

The way most of these rogue banks deduct money from their unsuspecting customers with reckless abandon(#50,#100,#150,#200 etc) is more than alarming.

While others companies are posting losses and shutting down, these banks are posting profits.

I tot somebori said here that wema bank can't withstand the new cbn capitalization coming up. Wema bank wey many rich old men in Yoruba land dey use. I won't be surprised if this bank has more capital base than zenith or gtbank. Na old money bank

Bank that promotes loan sharks.

I wouldn't exclude the profit from their excessive and ridiculous charges which all banks are complicit and later they start posting profits. Banks are stealing from Nigerians and the CBN is doing nothing about it. They have turned ATMs to decorations with their shady deals with POS operators.

Wema bank, super old, but tech-innovative.

It shows that whatever industry you are in, carve your own niche and maximise your small advantage, and you have a chance of not being crushed by the giants.

When you enter some Wema bank branches, the entire vibe takes you back to 1990s.

Tiles are old. Windows blinds are tired.
Youruba is readily used alongside English.
The ladies dress like school teachers - modestly.
Some chairs are dusty, some light bulbs are dead or flickering . That's all part of the Wema package.

But guess what, many members of the populace prefer these sorts of environment to flashy bank offices.

Many older people are intimidated by the flashy lights, impatient bank officers with fake 'in the abroad' accents, mini skirts, tight ill-fitting trousers & shirts of some male bank workers that you find in some new generation banks.

Wema bank works well for people who want an old fashioned, slower pace of life. That includes younger people too.

I think Wema bank will continue to do well under good management.

ifytrik:
make una try de read before commenting now, haba! Had it been you read the full story you for see were dem mention the owner name

Owner name keh🧐

They have used "charges" to finish their customers

badoh:
This Bank has been withstanding growth over the years thanks to focussed leadership, good customers and committed staff of the bank.

Beautiful you,Sir.
Many don't know how Banks are dynamic industry from time immemorial!

Nobody really bothers about Profit Before Tax. What is their Profit After Tax?

Thanks to Davido....the bank just blow since then. In addition they have one of these best easy to use mobile app and they rarely have network failure. Kudos to them!

OriOko88:
I tot somebori said here that wema bank can't withstand the new cbn capitalization coming up. Wema bank wey many rich old men in Yoruba land dey use. I won't be surprised if this bank has more capital base than zenith or gtbank. Na old money bank

Old money bank did not save the giant Union Bank when it refused to modernize.

StOla:


Old money bank did not save the giant Union Bank when it refused to modernize.

So has union bank merged or liquidated??

Tinubu is the largest shareholder in Wema bank, they won't have any problems scaling the new minimum capital base hurdle.

OriOko88:
I tot somebori said here that wema bank can't withstand the new cbn capitalization coming up. Wema bank wey many rich old men in Yoruba land dey use. I won't be surprised if this bank has more capital base than zenith or gtbank. Na old money bank

The jagabandit is the largest shareholder in Wema bank, they won't have any problems scaling the new minimum capital base hurdl

StJasper:
Banks are making profit while other sectors are posting losses

It's bcoz they were given enough room to manipulate the system.

Elzazzi:
Same bank owned by davido dad abi nobe this one ?

Davido ko, Electro ni. .

How much does Davido family have to own Wema? Use ur google next time.