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Wema Bank announces its unaudited results for Half Year ended 30th June 2023.
The commercial bank achieved improved performance
including Gross Earnings of ₦89.09bn, a y/y increase of 49% (H1 2022:
₦59.59bn). Interest Income up 53% y/y to ₦76.11bn (H1 2022: ₦49.75bn).
Non-Interest Income up 32% y/y to ₦12.98bn (H1 2022: ₦9.85bn). Profit before
Tax (PBT) was ₦12.05bn a y/y increase of 97% over the ₦6.13bn reported in H1
2022. Profit after Tax (PAT) also increased y/y by 97% to ₦10.48bn (₦5.30bn in
H1 2022).
The bank grew its deposit year to date by 19% as at H1
2023 to ₦1,392.85bn from ₦1,165.93bn reported in FY 2022. Loans and Advances
also grew by 20% to ₦627.01bn in H1 2023 from ₦521.43bn in FY, 2022.
Income statement (N’bn) H1 2023 H1 2022 (∆)
Commenting on the result, the Managing Director/Chief
Executive Officer of the bank, Mr. Moruf Oseni said, ‘Our H1 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. Our embrace of technology is helping us deliver
seamless best in class services while offering compelling value propositions to
customers. Hence, we are seeing record breaking returns across board. Finally,
we continue to see improvements in our corporate, commercial, and retail
businesses as evidenced by our strong loan growth.’
Also speaking on the result, the Managing Director
communicated that, with the improved stability in the operating environment,
the Banks earlier approved Rights Issuance will be commencing this 3rd quarter
of 2023.
“It has been a good half year performance for Wema Bank
with gross earnings growing by 49% year on year and earnings per share at 163.0
kobo,”. In addition, our cost to income ratio at 72.71% has witnessed
significant improvement from the previous period.
"We have also succeeded in making Wema Bank an
integral part of the Fintech ecosystem in Nigeria with our ubiquitous fintech
infrastructure support play”.
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