Wema Bank Declares 105% Increase in PBT to N30.46bn

Kayode Tokede

Wema Bank Plc, yesterday announced on the Nigerian Exchange Limited (NGX) its unaudited result and accounts for full year ended December 31, 2024 with N30.46billion profit before tax (PBT).

This is 105 per cent increase from N14.88billion profit before tax reported in full year ended December 31, 2022.  

The reported N30.46 billion profit before tax surpassed the management’s N18 billion target for the 2023 financial year.

From the profit & loss figures, the lender declared N23.36billion profit after tax, representing an increase of 106 per cent from N111.35billion reported in 2022. 

The growth recorded further strengthened Wema Bank’s position as one of Nigeria’s leading financial institutions, giving substance to its reputation for dominating the innovation sector.

Wema Bank declared gross earnings of N214.7billion, an increase of 61.36 per cent from N133.05billion in 2022, driven by N181.87 billion interest income in 2023 from N108.04billion in 2022.

The group announced N2.298trillion total assets, representing an increase of 63.23per cent from N1.41trillion reported in 2022.

The group in total assets is driven by 54per cent growth in loans and advances to customers from N521.43billion in 2022 to N802.36billion billion in 2023, while deposits from customers grew to N1.87triilliion in 2023, representing an increase of 60.21per cent from N1.17trillion in 2022.

While commenting on the third quarter ended September 30, 2023 results, the managing director/CEO, Wema Bank, Moruf Oseni in a statement said the lender has continued to raise the bar and reset the standards, maintaining a commendable trail of progress and success over the years.

“For a bank that has exceeded every expectation and remained steadfast in its commitment to supporting the goals of its customers, this financial upturn is no surprise,” Oseni said.

He believed that as 2024 unfolds, exceptional breakthroughs and milestones lay in store for the financial giant.

The financial institution December 29, 2023 closed its 8,572,103,573 ordinary shares of N0.50 each at N4.66 per share   rights Issue.

The shares being issued is on the basis of two (2) new ordinary shares for every three (3) existing ordinary shares held by shareholders whose name appeared in the register of members of the Bank as at September 28, 2023.

According to the bank, “The capital being sought will be deployed to further grow and scale the Bank’s operations as it transitions into a Systematically Important Bank (“SIB”) by leveraging its digital strategy to mobilize cost-effective deposits. Additionally, given the prevailing economic conditions, characterized by the FX volatility and devaluation and its potential impact on our capital adequacy ratios, there is a need  to raise additional equity capital to strengthen the Bank’s balance sheet and align the Bank’s regulatory capital requirements under Basel II and Basel III and enable the Bank to create additional  risk assets in line with its growth aspirations.”

Wema Bank is known for its pioneering role in digital banking as Africa’s first fully digital bank, ALAT