Wema Bank has issued its unaudited financial statement for the ended December 31, 2023 with the profit surging by 105 percent to N23.361 billion as against N11.35 billion in the corresponding period of 2022.
A filing with the Nigerian Exchange Limited on Tuesday, showed that the lender posted a profit before tax of N30.464 billion in 2023 from N14.883 billion in the previous year.
The profit level was boosted by an increase in net interest income, which rose to N83.11 billion from N54.23 billion in 2022; while fees and commissions also increased to N25.14 billion from N16.59 billion.
A further breakdown shows that revenue rose by 61.36 percent to N181.873 billion, compared to N108.036 billion in 2022. Basic earnings per share from continuing operations improved to N2.18 from N0.883 in the previous year.
Assets grew by 63.23 percent to N2.298 trillion from N1.408 trillion in 2022, while loans and advances rose by 53.88 percent to N802.355 billion and deposits were up by 60.21 percent to N1.867 trillion from N 1.165 in the prior year.
