Tuesday, February 27, 2024
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Wema Bank doubles profit

Wema Bank grew profit by over 105 per cent to N23.36bn in 2023 from N11.35bn in the prior year.

According to the lender’s unaudited financial statement filed with the Nigerian Exchange Limited on Tuesday, revenue rose by 61.36 per cent to N181.87bn.

The bank’s profit was boosted by an increase in net interest income, which rose to N83.11bn from N54.23bn in 2022; fees and commissions also increased to N25.14bn from N16.59bn.

Basic earnings per share from continuing operations improved to N2.18 from N0.883 in the previous year.

Wema is one of the first banks to raise additional funds, which coincided with Central Bank of Nigeria Governor Olayemi Cardoso’s announcement of a planned bank recapitalisation exercise that banks would need to raise capital to support a $1tn economy.

The bank recently closed its Rights Issue where it raised about N39bn.

Wema Bank’s assets grew by 63.23 per cent to N2.30tn from N1.41tn, while loans and advances rose by 53.88 per cent to N802.36bn and deposits were up by 60.21 per cent to N1.87tn. Shareholders fund also appreciated by 49.05 per cent to N123.02bn.

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