WEMA BANK Reports Impressive Financial Performance for Fiscal Year 2023


In a recent financial disclosure, WEMA BANK Plc has unveiled its statement of profit or loss for the fiscal year 2023, showcasing substantial growth and positive indicators. Here are the key highlights from the report:

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  • Gross Earnings: WEMA BANK recorded a remarkable increase in gross earnings, soaring by 61.36% from the previous fiscal year, reaching N214,700,289.

  • Net Interest Income: The bank demonstrated a robust net interest income, experiencing a substantial surge of 83.55%, totaling N83,113,264.

  • Operating Profit: Operating profit after impairment charge for credit loss stood at N76,279,579, reflecting a significant growth of 54.34%.

  • Net Trading Income:WEMA BANK reported a notable increase in net trading income, marking a substantial 137.09% rise from the previous fiscal year.

  • Net Gain on FVTPL Investment Securities: The bank’s investment securities showcased a remarkable increase, contributing to the overall net gain on FVTPL of 99.99%.

-Profit After Tax: Despite various operating expenses, WEMA BANK achieved a commendable profit after tax of N23,361,385, exhibiting a robust 104.68% growth.

  • Basic Earnings per Share: The basic earnings per share surged to 218.00 Kobo, indicating a substantial increase of 101.11%.

This stellar financial performance has positively impacted WEMA BANK’s balance sheet as of December 31, 2023, with key figures as follows:

  • Total Assets: WEMA BANK’s total assets reached an impressive N2,298,452,005, reflecting a substantial increase of 46.57%.

  • Loans and Advances: The bank’s loan portfolio experienced a remarkable growth of 68.34%, totaling N802,355,641.

  • Shareholders’ Equity: The total shareholders’ equity surged by 84.86%, reaching N123,029,509.

These financial indicators highlight WEMA BANK’s resilience and strategic growth initiatives, positioning the bank as a robust player in the financial sector. Shareholders can anticipate positive returns as the bank continues to navigate the dynamic economic landscape.

Editorial Staff
Editorial Staffhttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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