Wema Bank Plc has announced a profit before tax (PBT) of ₦21.76 billion a year-on-year (y/y) increase of 130 per cent over the ₦9.46 billion reported in the third quarter (Q3) of 2022.
The lender, in its unaudited results for the 3rd quarter ended September 30, 2023, reported an improved performance.
According to the unaudited results released, the bank continued its growth trajectory and momentum across all key performance indicators.
The commercial bank achieved impressive gross earnings of ₦150.90 billion, a year-on-year (y/y) increase of 61 per cent (Q3 2022: ₦93.86 billion).
Interest income went up 61 per cent year over year to ₦126.67billion (Q3 2022: ₦78.48bn). Non-interest income also jumped up 58 per cent year over year to ₦24.23 billion (Q3 2022: ₦15.38 billion).
Similarly, profit after tax (PAT) also increased year over year by 131 per cent to ₦18.88 billion (₦8.19 billion in Q3 2022).
Further breakdown showed that the bank grew its deposit year to date by 42 per cent to ₦1,650.75 billion from ₦1,165.93 billion reported in FY 2022.
Loans and advances also grew by 27 per cent to ₦661.30bn in Q3 2023 from ₦521.43billion in FY 2022.
Commenting on the result, the Managing director and chief executive officer of the bank, Mr Moruf Oseni, said, ‘Our Q3 2023 results saw significant improvements, with profit before and after tax growing strongly by about 130% and 131%, respectively’.
“It has been a good Q3 performance for Wema Bank, with gross earnings growing by 61% year on year and earnings per share at 199.6 kobo,” the CFO said.
In addition, our cost-to-income ratio of 71.11 per cent has witnessed significant improvement from the previous period.
The bank has also succeeded in raising its AT1 capital, amounting to NGN 21 billion, after obtaining CBN approval.
This signifies a critical milestone for our organisation, and it further underscores its commitment to maintaining a robust capital structure in accordance with regulatory requirements.
The bank has also commenced its N40 billion capital-raising exercise with its application to the SEC to approve the issue.
The bank’s management has consulted several critical shareholders and stakeholders with a plan to wrap up before the end of 2023.
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