Vibrant financial institution, Wema Bank has announced its unaudited results for third quarter ended September 30, showing improved performance.
In a statement during the week, the bank said it continued its growth trajectory and momentum, adding it achieved gross earnings of N150.90 billion, a 61 per cent increase.
Wema Bank said interest income went up 61 per cent year on year to N126.67 billion. Non interest income jumped 58 per cent to N24.23 billion.
The statement said Profit Before Tax soared to N21.76 billion of 130 per cent over N9.46 billion in Q3 2022. Similarly, Profit after Tax increased by 131 per cent to N18.88 billion (N8.19 billion in Q3 2022).
Chief Executive, Moruf Oseni said: “Our Q3 results saw improvements with profit before and after tax growing 130 per cent and 131 per cent. It has been a good performance for Wema with earnings growing by 61 per cent and earnings per share at 199.6 kobo.
“In addition, our cost to income ratio at 71.11 per cent witnessed improvement. The bank succeeded in the completion of raising its AT1 capital amounting to N21 billion after obtaining CBN approval…“
Credit: thenationonlineng.net
