Wema Bank Reports Over 130% Growth in Profit

Wema Bank has showcased remarkable financial performance in the third quarter of 2023, as its Profit Before Tax surged by over 130% to N21.76bn compared to N9.46bn during the same period in 2022.

An analysis of the bank’s financials reveals a substantial 61% increase in gross earnings, reaching N150.90bn in Q3 2023, compared to N93.86bn in Q3 2022.

The bank attributes its success to sustained progress and a commitment to financial security, evident in a significant 73% reduction in fraud and burglary losses.

Wema Bank’s statement highlights its strengthened position as Nigeria’s leading financial institution, showcasing robust growth in key financial indicators.

Source: PUNCH