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Wema Bank boosts profit by 217.03% in FY 2023, declares 50 kobo

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Wema Bank Plc has declared a final dividend of 50 kobo to its shareholders for the year ended 31 December 2023.

The Group achieved Gross Earnings of N226.9 billion for the 12 months period, up by 70.54% from N133.05 billion achieved the previous year.

Profit after tax grew year on year by 217.03% to N35.99 billion from N11.35 billion reported in FY 2022.

Earnings per share of Wema Bank stands at N2.80.

At the share price of N8.5, the P/E ratio of Wema Bank stands at 3.04x with earnings yield of 32.93%.

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