• Wednesday, February 28, 2024
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BusinessDay

Wema Bank Q3 gross earnings up 130%

Wema Bank Q3 gross earnings up 130%

Wema Bank has recorded what its management described as outstanding 2023 Q3 performance.
In a yearly analysis that captured financials for the first three quarters of 2023, the bank recorded a 130 percent increase in profit before tax (PBT) and a 61 percent increase in gross earnings, achieving gross earnings of N150.90bn in Q3 2023, compared to Q3 2022’s N93.86bn.

The bank’s PBT stood at N21.76bn, an increase of 130 percent from the N9.46bn reported in Q3 2022.

The bank also recorded a 73 percent reduction in fraud and burglary losses, which is considered a testament to its commitment to sustaining progress and ensuring the financial security of customers.

The growth recorded further strengthened Wema Bank’s position as one of Nigeria’s leading financial institutions, giving substance to its reputation for dominating the innovation sector and adding value to its diverse range of customers.

Commenting on the results, Moruf Oseni, managing director/CEO of Wema Bank, said the lender has continued to raise the bar and reset the standards, maintaining a commendable trail of progress and success over the years.
For a bank that has exceeded every expectation and remained steadfast in its commitment to supporting the goals of its customers, this financial upturn is no surprise,” Oseni said.

He believed that as 2024 unfolds, exceptional breakthroughs and milestones lay in store for the financial giant.
Wema Bank is known for its pioneering role in digital banking as Africa’s first fully digital bank, ALAT