Wema Bank Plc has reported a profit before tax increase of 196% from ₦14.75bn to ₦43.59 billion for the year ended 31 December 2023.
This was revealed in the bank’s full year 2023 audited financial results released last Friday.
According to the financial results, Wema Bank also recorded a deposit growth of 60% to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022, a return on equity (ROAE) of 39.28%, NPL of 4.31%, among other milestones.
Commenting on the financial results, the Managing Director and Chief Executive Officer, 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%.
“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.”