The Wema Bank Plc has grown its profit before tax by 196 percent as it announces a full year 2023 audited financial statement.
According to reports made available to journalists, the bank recorded Profit before tax growth of 196% from ₦14.75bn to ₦43.59 billion. Proposed dividend per share of 50kobo; up from 30kobo in 2022.
Deposit growth of 60% to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022. Return on Equity (ROAE) of 39.28%, NPL of 4.31%
N40billion 1st tranche of Capital raise awaiting final regulatory approvals.
While commenting on the results, the Managing Director/Chief Executive Officer, Mr. Moruf Oseni said, ‘2023 showcased a revitalized Wema Bank as evidenced by the considerable improvements in our numbers.
Oseni said, “The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 196%. The growth of Gross Earnings by 72%, Total Assets by 56% and earnings per share at 279.5 kobo shows the core improvements to our 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 50kobo to its shareholders at the next Annual General Meeting; this is in line with the Banks 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.
According to Mr. Oseni, “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 (2) Million MSMEs, provided engagement platforms for all NYSC members and 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,” Oseni added.
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