• Thursday, February 29, 2024
businessday logo

BusinessDay

Wema Bank in sound health, not distressed, says mgt

WEMA BANK PICTURE

Wema Bank management has dismissed reports in some sections of the media linking the financial institution to distress.

The bank in statement said it was unperturbed by the “unsubstantiated reports”, as the lender is in sound financial health and fulfilling its obligations to customers and shareholders.

Read also: Wema Bank Q3 gross earnings up 130%

It added that it has been receiving praises and commendation from customers and shareholders nationwide following its 2023 financial performance as captured in the bank’s Q3 2023 Financial Results.

According to the Q3 results referenced, Wema Bank’s profit before tax
spared by 130 percent in 2023, with a recorded N21.76bn (Q3) against the previous year’s N9.46bn.

This upsurge extended to other financial parameters, including gross earnings as the bank achieved a 61 percent increase in gross earnings, going from Q3’s N93.86billion to N150.90bn in Q3 2023.

Wema also earned the commendation of customers across Nigeria for its evident success in combating fraud and ensuring financial security for customers, as results revealed that bank had reported legal claims in the sum of N8bn and recorded the least reported fraud losses in the sum of N239.92m in 2023, a 73 percent reduction in comparison to previous figures.

“Contrary to the information being circulated, the bank’s depositors are not in panic because this information is not a discovery.

“These are disclosure items required of banks in their AFS, which Wema bank have made same public on the pages of her financial statements.

“In view of Wema Bank’s extraordinary financial growth and progress within just one year, customers and shareholders applaud the pioneering bank in anticipation of the successes to be unravelled as the trajectory of Wema Bank’s journey soars on an upward incline.

“Wema Bank, as usual, continues to exceed all expectations and hit seemingly impossible targets, earning the loyalty of Nigerians across Nigeria. The solid range of initiatives and diverse solutions offered by Wema Bank both online and offline gives substance to the bank’s rising numbers. It is no surprise that financial results are significantly improving by the day,” the statement reads.