Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, set a record-breaking precedent in 2023, with a tremendous upsurge in its 2023 corporate performance as seen in the bank’s 2023 Q3 performance results.
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In a yearly analysis that captured financials for the first three quarters of 2023, Wema Bank recorded a 130% increase in Profit Before Tax [PBT] and 61% increase in gross earnings, achieving Gross Earnings of ₦150.90bn in Q3 2023, compared to Q3 2022’s ₦93.86bn. The pioneering bank’s Profit Before Tax (PBT) unprecedentedly stood at ₦21.76bn, an astounding 130% increase from the ₦9.46bn reported in Q3 2022.
Further underscoring the bank’s progress, Wema Bank also recorded a remarkable 73% reduction in fraud and burglary losses, which is a testament to the bank’s commitment to sustaining progress and ensuring the financial security of its customers.
This exceptional growth has further strengthened Wema Bank’s position as Nigeria’s leading financial institution, giving substance to the bank’s longstanding reputation for dominating the innovation sector and relentlessly adding outstanding value to the lives of its diverse range of customers.
Wema Bank in its customary nature, continues to raise the bar and reset the standards, maintaining a commendable trail of progress and success over the years. For a bank that has exceeded every expectation and remained steadfast in its commitment to supporting the goals of its customers, this financial upturn is no surprise.
As 2024 unfolds, one can only anticipate the exceptional breakthroughs and milestones that lay in store for the financial giant in the course of the year.