The bank’s audited financial result for the year ended December 31st, 2023 has revealed.

According to investopedia.com an operating expense, is an expense that a business incurs through its normal business operations. It includes rent, equipment, inventory costs, fund allocated for research development among others.

Although the bank saw its deposits grow by 59.65 per cent to N1.86tn in 2023 from N1.16tn in the previous year.

According to the lender’s full-year 2023 audited financial statement filed with the Nigerian Exchange Limited, its profit before tax improved by 196 per cent to N43.59bn from N14.75bn in 2022 and return on equity stood at 39.28 per cent.

Meanwhile, all effort to get the details and specific of the skyrocketing spike in the operating expenses of the bank was abortive, as all effort by our correspondent to get through Mr. Femi Akinfolarin the bank’s head, Strategy & Investor Relations was abortive.

The bank also, disclosed that it raised N40bn in its first tranche of capital raise but awaiting final regulatory approvals.

While, the directors of the Bank have proposed a 50 kobo dividend per share for 2023, up from 30kobo in the previous year.

Reacting, Mr Moruf Oseni, the managing director/chief executive Officer of the bank, said:

“2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in profit before tax, which grew strongly by 196 per cent”.

He noted that “The growth of gross earnings by 72 per cent, total assets by 56 per cent and earnings per share at 279.5 kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio of 64.37 per cent has witnessed significant improvement from the previous period.”

According to him, the N40bn it raised had positioned it for the new capital licensing requirements of the Central Bank of Nigeria.

“Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

“We have partnered with the Federal Government on upskilling two million MSMEs, provided engagement platforms for all NYSC members and now implementing partnerships in health, education, women’s empowerment and the green economy.”

“In the months ahead, we will be developing platforms and supporting initiatives that prioritise the needs of our customers, leveraging technology to solve problems across all sectors,” Oseni declared.

Providing the outlook of the bank for 2024, Dr. Oluwayemisi Olorunshola,  the bank’s chairman board of directors, said “In the coming year, the bank will continue to push for growth and the achievement of its strategic objectives.

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According to the lender’s full-year 2023 audited financial statement filed with the Nigerian Exchange Limited, its profit before tax improved by 196 per cent to N43.59bn from N14.75bn in 2022 and return on equity stood at 39.28 per cent.

The bank disclosed that it raised N40bn in its first tranche of capital raise but awaiting final regulatory approvals. Similarly, the directors of Wema Bank have proposed a 50kobo dividend per share for 2023, up from 30kobo in the previous year respectively.

Reacting to success recorded by the Bank, Mr Moruf Oseni, the managing director/chief executive officer of the bank, said, “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in profit before tax, which grew strongly by 196 per cent.

He said “The growth of gross earnings by 72 per cent, total assets by 56 per cent and earnings per share at 279.5 kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio of 64.37 per cent has witnessed significant improvement from the previous period.”

Oseni noted that the N40bn it raised had positioned it for the new capital licensing requirements of the Central Bank of Nigeria. “Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

“We are satisfied with the bank’s performance in the first year of the new leadership team, as we move on a strong growth trajectory. Our target remains clear, we want to become a top-tier bank in the industry powered by digital excellence, we have carved a niche for ourselves with ALAT as a retail platform, but we are now positioning the enterprise as the intelligent platform for all financial services.

“We have partnered with the Federal Government on upskilling two million MSMEs, provided engagement platforms for all NYSC members and now implementing partnerships in health, education, women’s empowerment and the green economy.”

“In the months ahead, we will be developing platforms and supporting initiatives that prioritise the needs of our customers, leveraging technology to solve problems across all sectors,” Oseni declared.

Meanwhile, Dr Oluwayemisi Olorunshola, Wema Bank’s chairman, while setting the pace for the outlook of the bank for 2024, said “In the coming year, the bank will continue to push for growth and the achievement of its strategic objectives.

“GDP growth rates of four per cent (Sub-Saharan Africa) and 3.1 per cent (Nigeria) projected for 2024 indicate that there will be some opportunities in the larger economy for growth which will open up new markets. This outlook, however, is uncertain, as the associated risks are skewed to the downside, with achievement dependent on a few factors.”

The post Wema Bank Hits 60% Deposits Growth in 2023 appeared first on Tech | Business | Economy.

Wema Bank Plc. has announced the retirement of its Managing Director/CEO, Ademola Adebise. 

He will be proceeding on terminal leave from January 2nd, 2023, after over 13 years of meritorious service on the Board of the Bank. 

Adebise will be succeeded by Moruf Oseni, currently the Deputy Managing Director.

Appointed as the Managing Director/Chief Executive Officer of Wema Bank Plc in June 2018, Ademola Adebise joined the Bank in June 2009 as an Executive Director and rose to become the Deputy Managing Director in 2015.

Under his leadership, he expanded the Bank’s footprints to other locations in Nigeria, he improved the performance of the Bank and spearheaded the first Dividend payment in 13 years, since then, he has ensured consistent dividend payment over the last 4 years. 

The Bank has grown its Total Assets by 155%, from N470 billion to over N1.2trillion. Deposits also grew by 214% from N350 billion to N1.1 trillion. 

He initiated the partnership with Bank of Africa to support its customers across the African continent which has increased the Bank’s market share and customer base. 

All these led to an additional growth of 2 million customer accounts in Nigeria and a market share of 3% of industry volumes.

The Bank is now the leading collection bank for state and government agencies due to its effective and efficient platforms.

The Bank’s rating by agencies was upgraded to BBB investment grade. The Bank significantly changed the digital landscape through the ALAT platform.

The innovative platform also came tops in the KPMG Digital Scorecard for leading retail banks in Nigeria and this was based on in-depth insights into the state of user experience on retail banks’ digital channels. Furthermore, the Bank launched the first SME Business School for capacity building and empowerment of SMEs – this has benefitted over 20,000 small businesses.

The Bank also became one of the founding members of the United Nations Environmental plan for financial institutions (UNEP-FI) and continues to provide digital solutions for societal impact.

The Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed its profound gratitude to Ademola for his service and wish him the best in his future endeavors.

Meanwhile, Wema Bank Plc., said that the appointment of Mr. Moruf Oseni as the Managing Director/CEO is further subject to the approval of the Central Bank of Nigeria.

Moruf Oseni joined Wema Bank in June 2012 as an Executive Director. He has over 25 years of experience with more than 16 years at Senior and Executive Management levels.

Moruf Oseni was an Executive Director for 6 years and Deputy Managing Director for the last 4 years and has demonstrated capacity to lead the Bank. 

He presently has responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and the Technology Divisions. Moruf is also the Executive Compliance Officer of the Bank. 

He supervised the launch of ALAT – Nigeria’s 1st digital Bank that has received local and global awards and multiple accolades. Before joining Wema Bank, Moruf was the CEO of MG Ineso Limited, a principal investment and financial advisory firm. 

Prior to MG Ineso, Moruf was a Vice President at Renaissance Capital, and an Associate at Salomon Brothers/Citigroup Global Markets in London.

Moruf holds an MBA degree from the Institut European d’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MiF) from the London Business School and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also an alumnus of both the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.

Other Board appointments include: Wole Akinleye: Appointed as the Deputy Managing Director.

Wole has over 32 years Banking experience. He presently oversees Corporate Banking and South West Business Directorate for the Bank.

A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Wole is an alumnus of the Advanced Management Program of the Harvard Business School.

He obtained his first degree in Accounting from Obafemi Awolowo University in 1989 and subsequently, a master’s degree in Business Administration (Finance) from the same University.

Tunde Mabawonku has been appointed as an Executive Director.

He has over 23 years of experience and is presently the Chief Finance Officer and the Divisional Head of Finance & Corporate Services. 

Tunde has a master’s in finance from the London Business School and a first degree in Economics from University of Ibadan. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) & Chartered Institute of Taxation of Nigeria (CITN) and is an Honorary member of the Chartered Institute of Bankers (HCIB). 

He has also attended several Senior Leadership programs.

According to the statement signed by Johnson Lebile, the Company Secretary/Legal Adviser, the Board of Directors are confident that the appointment of the Executives will lead to the continued transformation and growth of the Bank, particularly as the Bank positions itself as a market leader in Nigeria’s retail banking segment through technology and innovation.

The appointments take effect from April 1, 2023 and are subject to the approval of the Central Bank of Nigeria and other regulatory authorities.

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