Wema reports half year increase

Bisola David
Bisola David
Wema Bank, NYSC collaborate on youth empowerment

Wema Bank said that its unaudited results for the six-month period ending June 30th, 2023, showed increased performance, including gross earnings of 89.09 billion, a 49% rise from the prior year (H1 2022: 59.59 billion).

While non-interest income increased 32% year over year to $12.98 billion (H1 2022: $9.85 billion), recorded interest income increased 53% year over year to 76.11 billion.

Its profit before tax climbed y/y by 97% to $12.05 billion from the reported $6.13 billion in H1 2022, while its profit after tax increased y/y by 97% to $10.48 billion from the reported $5.30 billion in H1 2022.

In comparison to the 1,165.93 billion reported in FY 2022, the bank’s total deposits increased by 19% as of H1 2023 to 1,392.85 billion, and its loans and advances increased by 20% to 627.01 billion from 521.43 billion.

In response to the findings, the bank’s managing director and chief executive officer, Moruf Oseni, stated: “Our H1 2023 results saw tremendous upsides with profit before and after tax expanding rapidly by around 97 percent. Wema Bank’s management team is concentrated on advancing the implementation of our present company plan.

“By embracing technology, we are able to provide seamless, best-in-class services while providing customers with attractive value propositions. Consequently, we are experiencing record-breaking returns everywhere.

“Last but not least, our robust loan growth is proof that we are still experiencing improvements in our corporate, commercial, and retail sectors.”

Oseni stated that the Bank’s previously approved rights issuance will start in the third quarter of 2023 due to the increased stability in the operating environment.

Wema Bank has had a strong first half of the year, with gross earnings up 49% year over year and earnings per share at 163.0 kobo.

Furthermore, compared to the prior period, our cost-to-income ratio, which is currently 72.71 percent, has significantly improved. Wema Bank is a success thanks to our efforts.

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