WorldStage Newsonline– Wema Bank Plc has released its 2023 Annual Report For the year ended 31 December 2023 with 217% growth in group profit on ordinary activities after taxation to N35.989 billion from N11.352 billion in 2022.
Group gross earnings also jumped to N226.915 billion from N133.053 billion in 2022.
Meanwhile, the Board of Directors has recommended a dividend of 50 kobo per share to be paid from the retained earnings account as at December 31, 2023 in line with all regulatory requirements.
Oluwayemisi Olorunshola, the Chairman of the bank in his statement said “The Bank continued to record improved performance, as Gross Earnings grew by 72.2% from N131.08 billion in FY 2022 to N225.75 billion in FY 2023. Profit before Tax (PBT) increased by 195.6% to N43.59 billion from N14.75 billion in FY 2022, and Profit After Tax (PAT) increased by 220.42% to N35.93 billion from N11.21 billion reported in FY 2022. The Bank grew its Total Deposits by 59.6% as of FY 2023 to N1,860.57 billion from N 1,165.93 billion reported in FY 2022.
“Total Assets as of FY 2023 stood at N 2,240.06billion, representing a 56.24% increase over the N1,433.70billion recorded in the corresponding year of 2022 and placing the Bank squarely above the N1 trillion mark—a milestone we surpassed in Q3 2021. Additionally, loans to customers rose by 53.6% to close FY 2023 at N801.10billion from the 521.43 billion recorded in 2022.
“Impressively, the Wema and ALAT brands continue to win public acceptance and market relevance, The Bank continues to record growth in its retail deposit drive. It also has been a good year with our earnings growing by 72.2% year on year and earnings per share at 279.5kobo. The Bank’s NPL closed at 4.31%, a reduction from FY 2022 position.”
