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Wio Bank achieves profitability in first full year

UAE neobank’s customer deposits surpass Dh11 billion

Wio Bank on Wednesday announced on Wednesday a revenue of Dh266.4 million and a net profit of Dh2 million for the fiscal year 2023, marking its first full year of operations with impressive profitability since its launch in September 2022.

Customer deposits have surged past Dh11 billion. The uptake was largely driven by the popularity of Wio Business and Wio Personal accounts, which have captured substantial market share in the SME and consumer banking segments.

Salem Al Nuaimi, Chairman, said: “Our achievements in 2023 reflect our commitment to innovation and customer satisfaction. In less than two years, we have built the foundation of a tech-native, digital banking platform that caters to the needs of individuals and businesses for simpler, more accessible, more intuitive financial services. Aligning with Abu Dhabi’s Economic Vision 2030 and the broader UAE vision, we are dedicated to fostering a digital economy that is innovative, dynamic, yet resilient. We are poised for further success and are confident in our ability to achieve even greater milestones in the future.”

Jayesh Patel, CEO, emphasised the significance of the bank’s early profitability, “Our ability to achieve profitability in our first full year is a monumental milestone that highlights our industry leadership and commitment to transparency. Our platform banking solutions, Wio Business and Wio Personal, have experienced substantial growth and received high customer ratings, reflecting our dedication to providing an exceptional digital experience. As we shape the future of banking, we remain focused on continuous innovation and developing advanced solutions to meet the dynamic needs of tomorrow’s customers.”

Prakash Sunkara, chief financial officer, said: “Our revenue growth to Dh266.4 million and net profit of Dh2 million in our first full year demonstrate our commitment to operational excellence and prudent risk management. This profitable growth has been achieved without compromising on customer-centric innovation, positioning us to continually set new benchmarks in the digital banking landscape.”

In SME banking, Wio Business has attracted over 50,000 customers by the year-end.

Launched in July 2023, Wio Personal quickly gained traction, amassing over 40,000 customers and exceeding Dh6 billion in deposits by year-end.