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.

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 Board of Directors of Wema Bank Plc has appointed Dr. Oluwayemisi Olorunshola as its new Chairman, following the retirement of the current board Chairman, Babatunde Kasali.

This development was communicated in a statement signed by Johnson Lebile, the Company Secretary/General Counsel of Wema Bank, to the Nigerian Exchange Limited (NGX), where the bank revealed that having attained the retirement age, Kasali will be proceeding on retirement, in line with the Bank’s articles of Association.

Prior to this new appointment, Dr. Oluwayemisi Olorunshola was appointed one of the independent Non-Executive directors of the Bank, in the year 2022, where she served as the Chairman of the Board’s Nomination and Governance Committee.

Oluwayemisi Olorunshola obtained her B.Sc. degree in Education & Economics from the Obafemi Awolowo University, lle Ife, holds a Master degree in Business Administration from University of Liverpool, UK, and a Doctorate degree in Business Administration from Walden University, USA.

She is an experienced Supply Chain professional and a business associate with over 15 years’ of corporate governance experience in multinational organisations including,  Four Acres Training Facility, Unilever UK, FITC, Leighton Academy, and H Pierson, and over 10 years of experience as a business manager.

Her work experience spans every aspect of the supply chain including Business & Production Planning, Procurement, Distribution, Import & Export, and Logistics Services.

Oluwayemisi Olorunshola is a director and a fellow of the International Institute for African Scholars, a Fellow of the Institute of Management Consultants, Member, Institute of Directors, and a chartered member of the Nigerian Chartered Institute of Personnel Management.

Olorunshola’s wealth of experience facilitated her widely read publication on small business sustainability strategies, in the Journal of Functional Education (JFEAcademia), Proquest.com, and Academia.edu, which has been referenced by many scholars.

She has volunteered in many civic activities where she has contributed greatly to the development of her community and other areas of influence.