Wema Bank, Nigeria’s pioneering bank and innovator, has received a rating upgrade from Agusto & Co, a leading Pan-African credit rating agency.
The upgrade to Bbb+ with an ESG Score of 2 confirms the bank’s stable financial outlook and acknowledges its strong 2023 financial performance.
The rating upgrade reflects Wema Bank’s improved profitability, lower impaired loan ratio, better deposit mix, and strong shareholders’ support.
The bank’s successful rights issue exercise and perpetual bond issuance also contributed to the upgrade.
Wema Bank’s financial strength is evident in its FY 2023 Audited Financial Report, which showed a 196% increase in Profit Before Tax (PBT) and a 220.4% increase in Profit After Tax (PAT).
The bank also recorded significant growth in Gross Earnings, Loans disbursed, and Earnings per share.
According to Agusto & Co, the upgrade is a testament to Wema Bank’s ability to navigate macroeconomic challenges and deliver exceptional value to stakeholders.
The bank’s commitment to environmental, social, and governance issues has also been acknowledged with an ESG score of ‘2’.
Moruf Oseni, Wema Bank’s MD/CEO, expressed gratitude to Agusto & Co and reaffirmed the bank’s commitment to delivering exceptional value and exceeding expectations.
With this upgrade, Wema Bank is poised for continued growth and success, solidifying its position as a leading commercial bank in Nigeria.