Anna Smith
Thu, Aug 3, 2023 7:40 PM

Wema Bank Records Impressive Performance in H1 2023 Financial Results

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Wema Bank Records Impressive Performance in H1 2023 Financial Results
Wema Bank has reported impressive financial results for the first half of 2023, with significant growth across various metrics. The bank's gross earnings increased by 49% compared to the same period in 2022, and profit before tax and profit after tax both saw a remarkable 97% year-on-year increase. The bank's focus on technology and commitment to delivering seamless services have contributed to its success and record-breaking returns.

Lagos-based Wema Bank has achieved outstanding performance in the unaudited financial results for the first half of 2023. The bank's gross earnings surged by 49% year-on-year, reaching N89.09 billion compared to N59.59 billion in the corresponding period of 2022.

Interest income showed impressive growth as well, with a 53% increase to N76.11 billion from N49.75 billion in 2022. Non-interest income also saw a significant uptick of 32% year-on-year, reaching N12.98 billion compared to N9.85 billion.

Profit before tax experienced a noteworthy surge of 97%, amounting to N12.05 billion as compared to N6.13 billion in H1 2022. Similarly, profit after tax increased by 97% to N10.48 billion from N5.30 billion in the same period of 2022.

One of the key drivers of Wema Bank's success has been its focus on technology and delivering seamless best-in-class services. By embracing technological advancements, the bank has been able to offer compelling value propositions to its customers, resulting in record-breaking returns across all fronts.

Mr. Moruf Oseni, the Managing Director/Chief Executive Officer of Wema Bank, expressed his satisfaction with the bank's performance and emphasized the importance of technology in their growth strategy. He stated, "Our half-year 2023 results saw significant upsides with profit before and after tax growing strongly by about 97%. The management team at Wema Bank is focused on driving the execution of our current corporate strategy."

Wema Bank has not only improved its financials, but it has also witnessed substantial growth in its deposit and loan portfolios. The bank's deposit year-to-date grew by 19% to N1.392 trillion from N1.166 trillion reported in 2022. Loans and advances to customers saw a remarkable 20% growth to N627.01 billion from N521.43 billion.

With the improved stability in the operating environment, Wema Bank plans to commence its earlier approved Rights Issuance in the third quarter of 2023. This move further strengthens the bank's position and demonstrates its commitment to long-term growth and shareholder value.

Mr. Oseni also highlighted Wema Bank's integral role in the Fintech ecosystem in Nigeria. The bank's strategic support and infrastructure play have made it an essential player within the Fintech space. Furthermore, the bank has been able to improve its cost-to-income ratio, which now stands at 72.71%, showcasing significant improvement over the previous period.

Overall, Wema Bank's impressive financial results for the first half of 2023 reflect its commitment to innovation, customer-centricity, and growth. With its focus on leveraging technology and delivering excellent services, the bank is poised to further strengthen its position in the banking industry.

Source of content: OOO News 2023-08-03 News

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