Wema Bank revealed that it is currently awaiting regulatory approval for its N40 billion capital raising exercise, in anticipation of the banking industry’s recapitalisation exercise recently announced by the Central Bank of Nigeria (CBN).

Moruf Oseni, the managing director/CEO of Wema Bank, shared this information while discussing the bank’s Full Year 2023 Audited financial statement. He emphasised that the capital raising exercise positions the bank to meet the new capital licensing requirements set by the CBN. Oseni also expressed the bank’s commitment to swiftly executing its capital management plans to raise the required capital.

Highlighting the bank’s performance in 2023, Oseni pointed out significant improvements across various metrics. Notably, Profit before Tax surged by 196 percent to N43.59 billion, and total Assets increased by 56 percent to N2.24 trillion compared to the previous year. Additionally, deposit growth reached 60 percent, totalling N1.86 trillion, while earnings per share stood at 279.5 kobo, reflecting core improvements to the balance sheet.

Looking ahead, Wema Bank plans to propose a dividend per share of 50 kobo at the next annual general meeting, marking an increase from the 30 kobo declared in 2022. This decision aligns with the bank’s capital conservation strategy and its commitment to providing returns to shareholders amidst planned capital raises later in the year.

Oseni expressed satisfaction with the bank’s performance under the new leadership team and outlined the strategic goal of becoming a top-tier bank driven by digital excellence. He emphasised the bank’s focus on leveraging technology to address customer needs across all sectors, including initiatives supporting Micro, Small and Medium Enterprises (MSMEs), National Youth Service Corps (NYSC) members, and partnerships in Health, Education, Women empowerment, and the green economy.

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