By Dickson Omobola

Wema Bank Plc has unveiled its unaudited Q3 2023 results, showcasing exceptional performance and growth.

The bank reported Gross Earnings of ₦150.90 billion, marking a substantial 61% year-on-year increase. Interest Income also surged by 61% year-on-year to ₦126.67 billion, while Non-Interest Income exhibited a 58% year-on-year rise, reaching ₦24.23 billion.

The standout achievement was the impressive growth in Profit before Tax (PBT), which soared by 130% year-on-year to ₦21.76 billion, compared to ₦9.46 billion in Q3 2022. Similarly, Profit after Tax (PAT) increased by 131% year-on-year to ₦18.88 billion from ₦8.19 billion in Q3 2022.

The bank also experienced significant growth in its deposits, with a year-to-date increase of 42% to ₦1,650.75 billion, compared to ₦1,165.93 billion in FY 2022. Loans and Advances also grew by 27% to ₦661.30 billion in Q3 2023 from ₦521.43 billion in FY 2022.

Commenting on the results, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni, said: “Our Q3 2023 results show significant improvements, with both profit before and after tax growing strongly by about 130% and 131%, respectively.

“Wema Bank had a strong Q3 performance, with gross earnings growing by 61% year-on-year and earnings per share at 199.6 kobo. Additionally, our cost-to-income ratio at 71.11% has witnessed significant improvement from the previous period.”

Wema Bank has initiated a N40 billion capital-raising exercise with an application to the SEC for approval, reaffirming its commitment to strengthening its financial position.

The bank has been actively engaging with shareholders and stakeholders and aims to complete this process before the end of 2023.