Wema Bank Records 196% Growth in Profit Before Tax, Proposes Dividend



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Wema Bank has reported a remarkable 196% increase in Profit Before Tax (PBT) from N14.75 billion to N43.59 billion in its full Year 2023 Audited financial statement. The bank has also proposed a dividend per share of 50 kobo to its shareholders as part of its capital conservation strategy and commitment to providing returns to shareholders.

In addition to the substantial growth in profitability, Wema Bank witnessed a significant increase in deposit growth, reaching N1.86 trillion, a 60% increase compared to the previous year’s N1.16 trillion. The bank’s Gross earnings surged to N225.75 billion from N131 billion, while total assets rose to N2.24 trillion from N1.43 trillion, representing a 56% jump.

With an impressive Return on Equity (ROAE) of 39.28% and a Non-Performing Loans (NPL) ratio of 4.31%, Wema Bank’s performance reflects its strong growth trajectory and robust financial health.

Moruf Oseni, the MD/CEO of Wema Bank, expressed satisfaction with the bank’s performance under the new leadership team. He highlighted the core improvements to the balance sheet, including the growth in Gross Earnings, Total Assets, and earnings per share. Oseni emphasized the bank’s commitment to becoming a top-tier bank driven by digital excellence, leveraging ALAT as a retail platform and positioning the enterprise as the intelligent platform for all financial services.

Furthermore, Oseni announced the completion of Wema Bank’s N40 billion Capital raise exercise, positioning the bank to meet the new capital licensing requirements of the Central Bank of Nigeria (CBN). He reaffirmed the bank’s commitment to accelerating its capital management plans to raise the required capital promptly.

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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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