Wema Bank PLC has recored N150.9 billion gross earrings in its unaudited results for the third quarter ended September 30, 2023.
According to the results, the bank continued its growth trajectory and momentum across all key performance indicators.
The gross earnings represent increase of 61 per cent when compared with N93.86 billion it achieved in same period of 2022.
Interest Income went up 61 percent to N126.67 billion as against N78.48 billion in same period of last year while non-Interest Income also jumped up 58 per cent to N24.23 billion higher than las t year’s N15.38 billion performance.
In an unprecedented feat, Profit before Tax (PBT) soared to N21.76 billion year-on-year increase of 130 per cent over the 99.4 billion reported in third quarter of 2022. Similarly, Profit after Tax (PAT) also increased by 131 percent to N18.88 billion, higher than N8.19 billion in third quarter of 2022.
Commenting on the result, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said.
‘Our Q3 2023 results saw significant improvements with profit before and after tax growing strongly by about 130 per cent and 131 per cent respectively’.
“It has been a good Q3 performance for Wema Bank with gross earnings growing by 61 per cent year on year and earnings per share at 199.6 kobo,” the Chief Finance Officer said.
In addition, our cost to income ratio at 71.11 per cent has witnessed significant improvement from the previous period.
The bank has also succeeded in the completion of raising its AT1 capital amounting to NGN 21 billion after obtaining CBN approval, This signifies a critical milestone for our organization, and it further underscores its commitment to maintaining a robust capital structure in accordance with regulatory requirements,
The bank has also commenced its N40 billion Capital raising exercise with its application to Securities and Exchange Commission to approve the issue.
