Wema Bank’s earnings increased from N11.35 billion to N23.36 billion in 2023—a gain of more than 105%.
Revenue increased by 61.36 percent to N181.87 billion, according to the lender’s unaudited financial statement that was submitted to the Nigerian Exchange Limited on Tuesday.
Net interest income climbed to N83.11 billion from N54.23 billion in 2022, while fees and commissions also went up to N25.14 billion from N16.59 billion, contributing to the bank’s profit. Basic profits per share from continuing operations grew to N2.18 from N0.883 in the previous year.
One of the first banks, Wema, raised more money at the same time that Governor Olayemi Cardoso of the Central Bank of Nigeria said that banks would need to raise capital to support a planned bank recapitalization program.
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.
