Wema Bank’s Deposits Grow by 60% in Recent Period
Wema Bank Plc has demonstrated significant growth in various financial metrics for the 2023 fiscal year, according to its audited financial statement. The bank’s deposits surged by 59.65% to N1.86 trillion, reflecting increased customer confidence and inflow of funds. Moreover, its profit before tax (PBT) skyrocketed by 196% to N43.59 billion, compared to N14.75 billion in 2022, showcasing a remarkable improvement in operational performance. The return on equity (ROE) stood at an impressive 39.28%.
Key highlights from Wema Bank’s financial performance in 2023 include:
- Gross earnings grew by 72%.
- Total assets increased by 56%.
- Earnings per share (EPS) stood at 279.5 kobo.
- The bank raised N40 billion in its first tranche of capital raise, awaiting final regulatory approvals.
The board of directors has proposed a dividend of 50 kobo per share for 2023, up from 30 kobo in the previous year, demonstrating the bank’s commitment to rewarding shareholders for their investment.
Moruf Oseni, the Managing Director/Chief Executive Officer of Wema Bank, expressed satisfaction with the bank’s performance under the new leadership team. He highlighted the bank’s strong growth trajectory and its focus on becoming a top-tier bank driven by digital excellence. The bank aims to leverage its retail platform, ALAT, to position itself as an intelligent platform for all financial services.
Looking ahead to 2024, Dr. Oluwayemisi Olorunshola, the Chairman of the Board of Directors, outlined the bank’s strategic objectives. Despite some uncertainties in the economic outlook, with GDP growth rates projected at four per cent for Sub-Saharan Africa and 3.1 per cent for Nigeria, Wema Bank remains optimistic about growth opportunities in the economy. The bank is committed to pushing for growth and achieving its strategic objectives by leveraging new markets and focusing on customer needs while embracing technology to drive innovation across sectors.
