Wio Bank announced 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 since its launch in September 2022 with impressive profitability. Customer deposits have surpassed Dh11 billion, driven by the popularity of Wio Business and Wio Personal accounts in the SME and consumer banking segments.
Chairman, Salem Al Nuaimi, stated that their achievements in 2023 showcase their commitment to innovation and customer satisfaction. In a short span of less than two years, they have built a tech-native, digital banking platform that caters to the financial needs of individuals and businesses, providing simpler and more accessible financial services. They are aligned with Abu Dhabi's Economic Vision 2030 and UAE's vision of fostering a dynamic and resilient digital economy.
CEO, Jayesh Patel, emphasized the significance of the bank's early profitability as a milestone that highlights their industry leadership and commitment to transparency. The platform banking solutions, Wio Business and Wio Personal, have experienced substantial growth and received high customer ratings. They are focused on continuous innovation and developing advanced solutions to meet evolving customer needs in the future.
The chief financial officer, Prakash Sunkara, mentioned that their revenue growth to Dh266.4 million and net profit of Dh2 million in the first full year demonstrate their commitment to operational excellence and prudent risk management. They have achieved profitable growth without compromising on customer-centric innovation, positioning themselves to set new benchmarks in the digital banking landscape.
In the SME banking segment, Wio Business has acquired over 50,000 customers by the end of the year. Launched in July 2023, Wio Personal has gained traction with over 40,000 customers and deposits exceeding Dh6 billion by year-end.
