Home Business How Our PBT Rose By 196% To N14.7b – Wema Bank

How Our PBT Rose By 196% To N14.7b – Wema Bank

Wema Bank

Vibrant financial institution, Wema Bank Plc has recorded Profit Before Tax (PBT) growth of 196 per cent to N14.7 billion in its full year results for the period ended December 31, 2023.

In the bank’s audited financial result released at the weekend, the bank which proposed dividend per share of 50 kobo, said its deposit grew by 60 per cent to N1,860.57 billion from N1,165.93 billion in 2022.

The bank, which has N40 billion first tranche of capital raise awaiting final regulatory approvals, achieved Return on Equity of 39.28 per cent and non-performing loan ratio of 4.31 per cent.

The Managing Director/CEO, Moruf Oseni said: “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 196 per cent. The growth of Gross Earnings by 72 per cent, Total Assets by 56 per cent and earnings per share at 279.5 kobo shows the core improvements to its balance sheet. In addition, our cost to income ratio at 64.37 per cent has witnessed significant improvement from the previous period.

“We also completed our N40billion Capital raise exercise (results awaiting final verification by regulators). This exercise actively positioned us for the new capital licensing requirements of the Central Bank of Nigeria. Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.’’

The bank will be proposing a dividend per share of 50kobo to its shareholders at the next Annual General Meeting (AGM); this is in line with the Banks capital conservation strategy and to ensure that it continues to provide returns to its shareholders in anticipation of additional capital raises scheduled for later this year.

According to Oseni, “We are satisfied with the bank’s performance in the first year of the new leadership team, as we move in a strong growth trajectory. Our target remains clear, we want to become a Top-Tier Bank in the industry powered by Digital excellence, we have carved a niche for ourselves with ALAT as a Retail platform, but we are now positioning the enterprise as the Intelligent platform for all financial services – We have partnered with the Federal Government on upskilling two million MSMEs, provided engagement platforms for all NYSC members and now implementing partnerships in Health, Education, Women empowerment and in the green economy.”

In the months ahead, we would be developing platforms and supporting initiatives that prioritize the needs of our customers, leveraging technology in solving problems across all sectors.

Credit: thenationonlineng.net

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