Wema Bank Doubles Profitability

<h4>Wema Bank Doubles Profitability<&sol;h4>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a> <&sol;strong>reports that Wema Bank has announces its unaudited results for Half Year ended 30th June 2023&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>The commercial bank achieved improved performance including Gross Earnings of ₦89&period;09bn&comma; a y&sol;y increase of 49&percnt; &lpar;H1 2022&colon; ₦59&period;59bn&rpar;&period; Interest Income up 53&percnt; y&sol;y to ₦76&period;11bn &lpar;H1 2022&colon; ₦49&period;75bn&rpar;&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Non-Interest Income up 32&percnt; y&sol;y to ₦12&period;98bn &lpar;H1 2022&colon; ₦9&period;85bn&rpar;&period; Profit before Tax &lpar;PBT&rpar; was ₦12&period;05bn a y&sol;y increase of 97&percnt; over the ₦6&period;13bn reported in H1 2022&period; Profit after Tax &lpar;PAT&rpar; also increased y&sol;y by 97&percnt; to ₦10&period;48bn &lpar;₦5&period;30bn in H1 2022&rpar;&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>The bank grew its deposit year to date by 19&percnt; as at H1 2023 to ₦1&comma;392&period;85bn from ₦1&comma;165&period;93bn reported in FY 2022&period; Loans and Advances also grew by 20&percnt; to ₦627&period;01bn in H1 2023 from ₦521&period;43bn in FY&comma; 2022&period;<&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">Income statement &lpar;N’bn&rpar; H1 2023 H1 2022 &lpar;∆&rpar;<&sol;a><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Commenting on the result&comma; the Managing Director&sol;Chief Executive Officer of the bank&comma; Mr&period; Moruf Oseni said&comma; &OpenCurlyQuote;Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97&percnt;&period; The management team at Wema Bank is focused on driving the execution of our current corporate strategy&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Our embrace of technology is helping us deliver seamless best in class services while offering compelling value propositions to customers&period; Hence&comma; we are seeing record breaking returns across board&period; Finally&comma; we continue to see improvements in our corporate&comma; commercial&comma; and retail businesses as evidenced by our strong loan growth&period;’<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Also speaking on the result&comma; the Managing Director communicated that&comma; with the improved stability in the operating environment&comma; the Banks earlier approved Rights Issuance will be commencing this 3rd quarter of 2023&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;It has been a good half year performance for Wema Bank with gross earnings growing by 49&percnt; year on year and earnings per share at 163&period;0 kobo&comma;”&period; In addition&comma; our cost to income ratio at 72&period;71&percnt; has witnessed significant improvement from the previous period&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in Nigeria with our ubiquitous fintech infrastructure support play”&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;21675" aria-describedby&equals;"caption-attachment-21675" style&equals;"width&colon; 162px" class&equals;"wp-caption alignnone"><img class&equals;"size-full wp-image-21675" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2023&sol;07&sol;Moruf-Oseni&period;jpg" alt&equals;"Wema Bank Doubles Profitability" width&equals;"162" height&equals;"93" &sol;><figcaption id&equals;"caption-attachment-21675" class&equals;"wp-caption-text"><em><strong>Moruf Oseni&comma; Wema Bank CEO<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;