Wema Bank has announced that it is awaiting final verification from regulators regarding its N40 billion capital raising exercise, in light of the recent banking industry recapitalization plan introduced by the Central Bank of Nigeria (CBN).
Moruf Oseni, the Managing Director/CEO of the bank, revealed this while discussing the bank’s Full Year 2023 Audited financial statement over the weekend. He emphasized that the capital raising exercise has positioned Wema Bank to meet the new capital licensing requirements set by the CBN. Oseni assured that the bank will expedite its capital management plans to raise the required capital as swiftly as possible.
Highlighting the bank’s performance in 2023, Oseni noted significant improvements across various metrics. Profit before Tax surged by 196%, totaling N43.59 billion compared to N14.75 billion in the previous year. Total Assets grew by 56%, reaching N2.24 trillion from N1.43 trillion in 2022. Additionally, deposit growth soared by 60% to N1.86 trillion from N1.16 trillion in FY 2022, demonstrating robust growth.
Oseni announced that Wema Bank will propose a dividend per share of 50 kobo at the next annual general meeting (AGM), an increase from the 30 kobo declared in 2022. This decision aligns with the bank’s capital conservation strategy while ensuring continued returns to shareholders in anticipation of additional capital raises later in the year.
Looking ahead, Oseni reiterated the bank’s ambition to become a Top-Tier Bank in the industry driven by digital excellence. He emphasized Wema Bank’s commitment to developing platforms and initiatives prioritizing customer needs and leveraging technology across all sectors. Additionally, he highlighted partnerships with the federal government to support MSMEs, engage National Youth Service Corps (NYSC) members, and initiatives in health, education, women empowerment, and the green economy.
