Wema Bank records over 130 percent increase in Q3

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. In a yearly analysis that captured financials for the first three[3] quarters of 2023, Wema […]

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.

In a yearly analysis that captured financials for the first three[3] 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.

The growth has further strengthened Wema Bank’s position as Nigeria’s leading financial institution..

Wema Bank has continued to raise the bar and reset the standards, maintaining a commendable trail of progress and success over the years.