ADVERTISEMENT
TechEconomy
Friday, May 9, 2025
No Result
View All Result
Advertisement
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Wema Bank Reports 32% Surge in Operating Expenses

Wema Bank Reports 32% Surge in Operating Expenses

Reporter: Tobi Adetunji 

Techeconomy by Techeconomy
April 11, 2024
in Finance
1
Wema Bank Headquarters, Marina Lagos
Wema Bank Hqters, Marina Lagos

Wema Bank Hqters, Marina Lagos

RelatedPosts

Professor Benedict Okey Oramah - Afriexim

Afreximbank Boosts Africa’s Creative Industry with $1 Billion Fund

May 8, 2025

LASMECO: Lagos, BOI, Sterling Bank Unveil N10bn Loan Scheme for MSMEs

May 8, 2025

Wema Bank Plc, one Nigeria’s Commercial banks, has recorded a 32 percent increase in its operating expenses to N78bn in 2023, from N59bn in the year 2022.

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.

WEMA Bank Appoints Moruf Oseni new CEO as Adebise Retires
United BANK
Moruf Oseni, CEO, Wema Bank

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

United BANK

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.

Loading

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares

Tags: CEOMoruf OseniOluwayemisi OlorunsholaWema Bank
Previous Post

Berkeley Data Strategists Named Premier Data Mgt Firm under the Leadership of Adetokunbo Ajibola

Next Post

Why Investors Ignore Private Funding for Treasury Bills

Techeconomy

Techeconomy

Related Posts

Professor Benedict Okey Oramah - Afriexim
Finance

Afreximbank Boosts Africa’s Creative Industry with $1 Billion Fund

by Latifat Fashina
May 8, 2025
0

The African Export-Import Bank (Afreximbank) has announced a $1 billion Africa film fund aimed at transforming the continent’s film and...

Read more
Lagos, BOI, Sterling Bank Unveil N10bn Loan Scheme for MSMEs under LASMECO

LASMECO: Lagos, BOI, Sterling Bank Unveil N10bn Loan Scheme for MSMEs

May 8, 2025
cybersecurity levy by CBN and Naira

Naira Tumbles Further across Markets, Hits N1,609/$1 Official Rate 

May 8, 2025
ExxonMobil

ExxonMobil to Invest $1.5 Billion in Nigeria’s Deepwater Sector

May 7, 2025
Afreximbank

Afreximbank to Invest $19 Billion in African Energy Bank

May 7, 2025
Senate Compliance Workshop

Senate: Experts Urge Adoption of Digital Tools to Strengthen Nigeria’s Compliance Culture

May 7, 2025
Next Post
Treasury bills - old naira notes, Nigerian Banking System

Why Investors Ignore Private Funding for Treasury Bills

Comments 1

  1. Pingback: Wema Bank Reports 32% Surge in Operating Expenses... - News On Spot

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

CYBERSECURITY ESSENTIALS
byTecheconomy

BUILDING STRONGER NETWORKS AND COMMUNITIES

CYBERSECURITY ESSENTIALS
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Filmmaking and Technology: A chat with Micheal Chineme Ike
June 7, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz
uba

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.