Wio Bank Achieves Profitability in First Full Year, Reports Exceptional Growth in FY 2023

Wio Bank PJSC, the region’s first platform bank built to  serve tomorrow’s customers, has announced its financial results for the fiscal year 2023,  underscoring its rapid journey to profitability. As a leading choice for SMEs, the company  reported a revenue of AED 266.4 million and a net profit of AED 2 million, marking its first full  year of operations with impressive profitability since its launch in September 2022.  

This milestone is particularly notable as Wio Bank has become one of the fastest neobanks  globally to achieve profitability without compromising on customer-centric innovation.  Customer deposits have surged past AED 11 billion, a testament to the growing trust and  adoption of Wio’s services. The uptake is 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.  

H.E. Salem Al Nuaimi, Chairman, highlighted the role Wio Bank is playing in driving the  UAE’s digital economy: “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, emphasized 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, echoed these sentiments, Prakash Sunkara,  Chief Financial Officer, highlighted the financial success, “Our revenue growth to AED 266.4  million and net profit of AED 2 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 the realm of SME banking, Wio Business has seen remarkable enhancements, introducing  features like Multi-currency Accounts, the Wage Protection System (WPS), and an SME Web 

App, which have collectively attracted over 50,000 customers by year-end. This growth  showcases Wio Bank’s commitment to supporting small and medium enterprises with robust  banking solutions. 

Launched in July 2023, Wio Personal quickly gained traction, amassing over 40,000  customers and exceeding AED 6 billion in deposits by year-end. The platform’s rapid adoption  is fuelled by its innovative features, including fully digital onboarding, multi-currency accounts,  and a competitive savings campaign, which have resonated strongly with retail customers  seeking modern banking solutions.