Wema Bank profit rises by 105%

Bisola David
Bisola David
Wema Bank, NYSC collaborate on youth empowerment

Wema Bank’s profit increased by more than 105 percent to N23.36 billion in 2023, from N11.35 billion the previous year.

The PUNCH reported that according to the lender’s unaudited financial statement submitted with the Nigerian Exchange Limited on Tuesday, revenue increased by 61.36 per cent to N181.87 billion.

Net interest income climbed to N83.11 billion from N54.23 billion in 2022, boosting the bank’s profit; fees and commissions jumped to N25.14 billion from N16.59 billion.

Basic earnings per share from ongoing operations increased to N2.18 from N0.883 the previous year.

Wema was one of the first banks to raise more funds, coinciding with Central Bank of Nigeria Governor Olayemi Cardoso’s announcement of a planned bank recapitalization effort that banks would need to raise capital to support a $1tn economy.

The bank recently closed its Rights Issue, which raised around N39 billion.

Wema Bank’s assets increased by 63.23 per cent to N2.30 trillion from N1.41 trillion, while loans and advances increased by 53.88 per cent to N802.36 billion, and deposits increased by 60.21 per cent to N1.87 trillion. Shareholders fund also increased by 49.05 per cent to N123.02 billion.

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