Q1 2023: Wema Bank Records N39 Billion Gross Earnings

For the first quarter of 2023 financial period, Wema Bank Plc has disclosed that it recorded N39.35 billion gross earnings.

This indicates a 35.04 per cent increase when compared to the N29.14 billion recorded in the corresponding period of 2022.

The bank made this known in a statement on its unaudited results for the first quarter ended March 30, 2023.

It disclosed that its interest income rose by 31.73 per cent to N33.63 billion from N25.53 billion in Q1 2022.

Non-interest income up by 1.96 per cent to N5.72 billion from N5.61 billion in Q1, 2022.

During the period under review, the bank recorded a profit before tax (PBT) of N6.21billion, an increase of 88.18 per cent over the N3.30 billion reported in Q1 2022.

Profit after tax grew to N5.40 billion from N2.86 billion in Q1 2022, which represents an 88.81 per cent increase.

Commenting on the result, the Managing Director/Chief Executive Officer of the bank, Moruf Oseni, said, “Our Q1, 2023 results shows the acceleration in our growth plan and our continued focus on delivering optimal returns to our investors as well as the impact of a talented workforce dedicated to delivering exceptional service to our customers.

“We expect this growth to continue all through the 2023 financial year.”