…PBT surges by 130%
Wema Bank has announced unaudited results for the third quarter ended September 30, 2023, showing an impressive performance.
According to the unaudited results released, the bank continued its growth trajectory and momentum across all key performance indicators.
The commercial bank achieved gross earnings of N150.90bn, a year-on-year increase of 61 percent (Q3 2022: N93.86bn).
Interest income went up 61 percent year on year to N126.67bn (Q3 2022: N78.48bn). Non-interest income also jumped up 58 percent year on year to N24.23bn (Q3 2022: N15.38bn).
In an unprecedented feat, Profit Before Tax (PBT) soared to N21.76bn a year-on-year increase of 130 percent over the N9.46n reported in Q3 2022. Similarly, Profit after Tax (PAT) also increased year on year by 131 percent to N18.88bn (N8.19bn in Q3 2022).
The bank grew its deposit year to date by 42 percent to N1,650.75bn from N1,165.93bn reported in FY 2022. Loans and advances also grew by 27 percent to N661.30bn in Q3 2023 from N521.43bn in FY, 2022.
Moruf Oseni, managing director/CEO of the bank, commenting on the performance, said: “Our Q3 2023 results saw significant improvements with profit before and after tax growing strongly by about 130 percent and 131 percent respectively. It has been a good Q3 performance for Wema Bank with gross earnings growing by 61 percent year on year and earnings per share at 199.6 kobo.
“In addition, our cost-to-income ratio at 71.11 percent has witnessed significant improvement from the previous period. The bank has also succeeded in the completion of raising its AT1 capital amounting to N21 billion after obtaining CBN approval. This signifies a critical milestone for our organisation and it further underscores its commitment to maintaining a robust capital structure in accordance with regulatory requirements.
“The bank has also commenced its N40bn capital raising exercise with its application to SEC to approve the issue. It has consulted several critical shareholders and stakeholders, with a plan to wrap up before year end 2023.”