Wema Bank has announced a remarkable 97% increase in its profit after tax during the first half of the 2023 financial period, reaching N10.48 billion compared to N5.30 billion in H1 2022.

The unaudited financial statements for the period ended June 2023, filed on the Nigerian Exchange Limited, revealed the bank’s strong performance across various aspects.

The bank’s gross earnings surged by 49% year-on-year to N89.09 billion, with interest income rising by 53% to N76.11 billion and non-interest income appreciating by 32% to N12.98 billion.

Profit before tax also witnessed significant growth, reaching N12.05 billion, a 97% increase over the N6.13 billion reported in H1 2022.

Furthermore, Wema Bank experienced a 19% rise in year-to-date deposits, amounting to N1.392 billion, and loans and advances grew by 20% to N627.01 billion in H1 2023.

Managing Director/CEO of the bank, Moruf Oseni, expressed satisfaction with the strong financial results, attributing the success to the bank’s focus on executing its corporate strategy and leveraging technology to provide enhanced services and value propositions to customers.

The bank plans to commence rights issuance in the third quarter of 2023.