Wema Bank records 109.57% profit increase in Q2 2023

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

Wema Bank announced its 2023 second-quarter results, revealing that pre-tax profits increased by 109.57% year on year, reaching N5.87 billion.

According to The Times, pre-tax profits for the first half of the year increased from N6.103 billion to N12.059 billion as a result.

The huge expansion in net interest income as well as net fees and commission income is to blame for the significant increase in pre-tax profit.

Additionally, the Bank saw a remarkable 37% increase in interest income from loans and advances given to customers, which also helped to drive up the bank’s overall interest income.

However, the bank saw a significant increase in net impairment charges on financial assets, principally as a result of higher costs for loans, advances, and investment securities/treasury bills.

Highlights of Q2 2023 compared to Q2 2022:

Gross earnings; N50.035 billion +67% YoY

Interest Income N42 billion +68% YoY 

Interest Expense N24.350 billion +98.26% YoY 

Net interest income N18.42 billion +40.20% YoY  

Net impairment charges on financial assets N1.287 billion +271.33% YoY  

Net interest income after impairment charge for credit losses N17.133 billion +33.93% YoY 

Net income on fees and commission N5.093 billion, +49% YoY. 

Profit for the period N5.111 billion +111.24% YoY. 

Loans and advances to customers N627.006 billion +20.25%. 

Cash and Cash equivalents N187.265 billion +135.59% 

Total Assets N1.881 trillion +30.4%. 

Customers’ deposits N1.393 trillion +19.46%.

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