Wema Bank earns N39.35bn in Q1

Wema Bank Plc has announced its unaudited results for the first quarter (Q1) ended March 30, 2023.

The bank recorded Gross Earnings of N39.35billion, a year on year increase of 35.04percent (Q1 2022: N29.14billiion). Interest Income went up 31.73percent y/y to N33.63billiin (Q1 2022: N25.53billion). Non-Interest Income up 1.96percent y/y to N5.72billion (Q1 2022: N5.61billion).

The bank posted a profit before Tax (PBT) of N6.21billion, a y/y increase of 88.18percent over the N3.30billion reported in Q1 2022. Profit after Tax (PAT) also increased y/y by 88.81% to N5.40billion (N2.86billion in Q1 2022).

Total deposits in the first quarter of the year had a slight decline by 0.44percent to N1,160.85billion from N1,165.93billion reported in FY 2022. Loans and Advances rose by 0.47percent to N523.90billiin in Q1 2023 from N521.43billion in Full Year 2022.

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Commenting on the result, Moruf Oseni, Managing Director/Chief Executive Officer, Wema Bank said:”Our Q1 2023 results shows the acceleration in our growth plan and our continued focus on delivering optimal returns to our investors as well as the impact of a talented workforce dedicated to delivering exceptional service to our customers. We expect this growth to continue all through the 2023 financial year.’

Also speaking on the result, Tunde Mabawonku, the bank’s Chief Finance Officer explained that the Bank’s continued focus on prudent asset creation and management as well as its deliberate emphasis on building a best-in-class digital play is yielding commendable results and will position it for industry leadership in the future.

“It has been a good Q1, performance for the Bank with gross earnings growing by 35.04percent year on year and earnings per share at 168kobo,” Mabawonku said.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.