•Commences Rights Issuance In Q3
Wema Bank has announced its unaudited results for half year ended 30th June, 2023, achieving improved performance.
This includes gross earnings of ₦89.09 billion, a year on year increase of 49 percent (H1 2022: ₦59.59 billion), interest income up 53 percent y/y to ₦76.11 billion (H1 2022: ₦49.75 billion), non-interest income up 32 percent y/y to ₦12.98 billion (H1 2022: ₦9.85 billion).
Profit before Tax (PBT) was ₦12.05 billion with a y/y increase of 97 percent over the ₦6.13 billion reported in H1 2022. Profit after Tax (PAT) also increased y/y by 97 percent to ₦10.48 billion (₦5.30 billion in H1 2022).
The bank grew its deposit year to date by 19 percent as at H1 2023 to ₦1,392.85 billion from ₦1,165.93 billion reported in FY 2022. Loans and Advances also grew by 20 percent to ₦627.01 billion in H1 2023 from ₦521.43 billion 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 remarked that, with the improved stability in the operating environment, the Bank’s 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 percent year on year and earnings per share at 163.0 kobo.” In addition, our cost to income ratio at 72.71 percent 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,” he said.
