Bank Failure? Another Bank Speaks after CBN Sacks Three MDs in One Week, Shows Results
- Wema Bank has refuted reports of distress in the bank, saying that its customers are not in panic
- The bank said its financial records showed that it still has a robust performance, going by its earnings
- Wema Bank asked its depositors not to panic as it still maintains a solid financial balance among Nigerian banks
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Wema Bank said it was not distressed, and its depositors did not panic following recent media reports.
The bank said it has received recommendations from customers and shareholders following its 2024 financial reports in its 2023 Q3 financials.
Source: UGC
Wema Bank refutes reports of distress, displays financial results
Per the bank’s Q3 results, its profit before tax jumped by about 130% in 2023, with a recorded N21.76 billion against the previous year’s N9.46 billion.
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Leadership reports that the increase extended to the bank’s other parameters, including its gross earnings, which rose by 61% from N93.8 billion in Q3 2022 to N150.90 billion in Q3 2023.
According to a statement by the bank on Wednesday, January 17, 2023, it earned additional commendation from customers across Nigeria for its success in combating fraud and ensuring financial stability for its customers.
Wema Bank displays financial results
Wema Bank said:
“Wema Bank, as usual, continues to exceed all expectations and hit seemingly impossible targets, earning the loyalty of Nigerians across Nigeria. The solid range of initiatives and diverse solutions offered by Wema Bank, both online and offline, gives substance to the bank’s rising numbers. Unsurprisingly, financial results are significantly improving by the day.”
CBN Pays 14 Banks’ FX backlog in a bold move to strengthen the naira, set to pay foreign Airlines
Legit.ng reported that the Central Bank of Nigeria (CBN) has cleared the entire foreign exchange forwards liability of 14 banks.
According to reports, a CBN official disclosed Wednesday that settlements with foreign airlines have also begun.
Nigeria has about $7 billion in mature FX forwards. This is a significant worry for investors as foreign currency shortages continue to cause the naira to depreciate despite assurances by the apex bank to clear the backlogs.
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Source: Legit.ng
