A deep look at Wema Bank’s growth trajectory in the past decade not only reflects an innovative brand but also a resilient bank that has transitioned through several faces of Nigeria’s economy and consistently stood strong year on year
INVESTIGATION: Beautiful infrastructure but poor staffing, lack of drugs hinder PHC services in Borno communitiesBlood on UniformsINVESTIGATION: How Nigerian soldiers killed unarmed civilians in Kaduna community
. No wonder the bank is referred to as Nigeria’s foremost innovative bank. An investor looking to make maximum returns would consider the numbers constituting a company’s profit as well as the trend in its financial performance. Upward trends tell the investor that such a business is worth investing in and downward trends prompt skepticism, even if the numbers are high. Essentially, to weigh a business’ strength and potential, both profitability and growth must be considered.
The Audited Report also showed a 72.2% increase in Gross Earnings from 2022’s N131.08bn to N225.75bn in 2023. Now, you may be wondering how Gross Earnings differ from PBT. It’s simple. While PBT is the company’s profit before tax deductions, Gross Earnings refer to the total revenue the company made—no expenses deducted. Basically, your Gross Earnings are all you’ve earned within a given period of time.
Smart investors, shareholders and consumers weigh the assets of a business to predict how equipped it is to handle its financial obligations and grow. With over Two Trillion Naira in assets, especially coming from less than N1.5tn in the previous year, Wema Bank’s capacity for increased growth is unquestionably strong. The bank successfully surpassed the One Trillion Naira industry benchmark—a laudable feat achieved in just the first three quarters of 2023.
Today, Wema Bank is regarded as Nigeria’s foremost innovative bank and this title did not come easy. For six decades, Wema Bank had been a household name in the banking industry, providing financial services to Nigerians across different parts of Nigeria; good enough to keep the bank going but not necessarily to make it the industry leader that it is today. So, what changed? Innovation.
The Bank also powers the SME Business School which provides intellectual resources and expert guidance for existing and aspiring business owners and more recently, Sounds of ALAT, a music competition organised to produce the first ever ALAT jingle and offer Nigerians with interest in the entertainment industry, a platform to hone their skills and exhibit their creativity on the national scale. These are all just to mention a few.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Surpassing Financial Targets: Exploring Wema bank's innovation and exceeded expectations blueprint for success in the financial sectorNigeria's independent online newspaper
Read more »
Inspire Inclusion: A peep into Wema Bank’s she empowers her award by SaraWith the thematic preoccupation ‘Inspire Inclusion’, Nigerians, both men and women were not excluded in the celebration of the just concluded International Women’s Day (IWD), as every nook and cranny of the nation joined the world in the advocacy for gender equality, women empowerment and inclusion in all ramifications.
Read more »
Wema earmarks N8.9bn for businesses run by womenThe Managing Director /Chief Executive Officer of Wema Bank, Moruf Oseni, has stressed the need for inclusion and equity for women in the workplace, saying all hands must be on deck to ensure a good representation of both genders.
Read more »
Wema Bank lifts over 100 women with cashThe Nation Newspaper Wema Bank lifts over 100 women with cash
Read more »
Wema, FGN-ALAT launch Digital SkillnovationWEMA Bank has announced the launch of the second cohort of the FGN-ALAT Digital Skillnovation Programme to train and equip
Read more »
Wema Bank Reports Strong Financial Performance for 2023Wema Bank has announced its financial results for the year ending December 31st, 2023, showing significant growth in profit before tax and deposits. The bank recorded a profit before tax growth of 196% and a deposit growth of 60%. The MD/CEO, Mr. Moruf Oseni, expressed satisfaction with the bank's performance and highlighted the improvements in various financial indicators.
Read more »