• Wednesday, February 28, 2024
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Wema Bank records N39bn Q1 gross earnings

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Wema Bank Plc has said it recorded N39.35bn gross earnings in the first quarter of the 2023 financial period.

This was a year-on-year increase of 35.04 per cent from N29.14bn recorded in the corresponding period of 2022.

It disclosed this in a statement on its unaudited results for the first quarter ended March 30, 2023.

It disclosed that its interest income rose by 31.73 per cent y/y to N33.63bn from N25.53bn in Q1 2022.

Non-interest income up by 1.96 per cent y/y to N5.72bn from N5.61bn in Q1, 2022.

The bank recorded a profit before tax (PBT) of N6.21bn, a y/y increase of 88.18 per cent over the N3.30bn reported in Q1 2022.

Read also: Wema Bank interest income grew 43% on rising loans

Profit after tax also increased y/y by 88.81 per cent to N5.40bn from N2.86bn in Q1 2022.

Total deposits in the first quarter of the year had a slight decline by 0.44 per cent to N1.16tn from N1.17tn reported in FY 2022.

Loans and advances rose by 0.47 per cent to N523.90bn in Q1, 2023 from N521.43bn in FY, 2022.

Commenting on the result, the managing director of the bank, Moruf Oseni, said, “Our Q1, 2023 results show 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, the bank’s Chief Finance Officer, Tunde Mabawonku, 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 was 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 35.04 per cent year on year and earnings per share at 168.0kobo,” Mabawonku said.