Notwithstanding the tight and challenging operating environment, Wema Bank continues to deliver significant performance. This was achieved through the exceptional leadership, and substantial contributions of the bank’s management team, led by Moruf Oseni.
The bank delivered a sterling record of headline earnings and profitability amid significant headwinds in markets where we are present and a heightened global risk environment.
Wema bank record earnings, growth, and robust capital levels in the last quarter of 2023, supported higher returns for the shareholders. No doubt, Wema Bank is on course to achieve its strategic goals, and we are confident we will deliver our targets.
According to reports, Wema Bank Plc recorded an impressive Gross Earnings of N150.90bn, a year-on-year(y/y) increase of 61 per cent from N93.8 billion declared in unaudited Q3 2022.
Similarly, Interest Income went up 61 percent y/y to N126.67 billion (Q3 2022: N78.48 billion). Non-Interest Income also jumped up 58 per cent y/y to N24.23 billion (Q3 2022: N15.38 billion) even as Profit before Tax (PBT) soared to N21.76 billion a y/y increase of 130 per cent over the N9.46 billion reported in Q3 2022.
Similarly, Profit after Tax (PAT) also increased y/y by 131 per cent to N18.88 billion (N8.19 billion in Q3 2022) while the bank grew its deposit year to date by 42 per cent to N1,650.75bn from N1,165.93bn reported in FY 2022. Loans and Advances also grew by 27 percent to N661.30bn in Q3 2023 from N521.43 billion in the financial year, 2022.
Commenting on the result, the managing director/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 per cent & 131 per cent respectively’.
“It has been a good Q3 performance for Wema Bank with gross earnings growing by 61 per cent year on year and earnings per share at 199.6 kobo,” the CFO said. In addition, our cost to income ratio at 71.11 per cent has witnessed significant improvement from the previous period.”
The bank has also succeeded in the completion of raising its AT1 capital amounting to N21 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 SEC to approve the issue. It has the yearged and consulted several critical shareholders and stakeholders, with a plan to wrap up before year end 2023.
Moruf Oseni, the Managing Director of Wema Bank Plc. is no doubt bringing thr deliverables to the table. Prior to his appointment, he was an Executive Director responsible for the bank’s Consumer & SME business, E-business & Payments and the Digital bank (ALAT).
Moruf, who holds an MBA degree from the Institut European d’Administration des Affaires (INSEAD) in France, was awarded the ‘BusinessDay Top CEO of the Year’ accolade.
This was in recognition of his exceptional leadership, remarkable financial growth achievements, innovation, and his substantial contributions to the banking and financial services sector in Nigeria.
Oseni emphasises on the bank’s commitment to its stakeholders, shareholders, and customers.
“As always, we will continue to be the dominant digital platform in Africa, delivering seamless financial services,” he said.
He holds a Masters in Finance (MiF) from the London Business School and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also an alumnus of both the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
