Wema Bank PLC (NGX: WEMABANK)

Wema Bank Income Statement

Financials in millions NGN. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	351,832	185,643	108,037	74,798	64,553
Interest Paid on Deposits	181,640	93,922	53,807	34,922	33,703
Net Interest Income	170,192	91,721	54,230	39,877	30,850
Net Interest Income Growth (YoY)	85.55%	69.13%	35.99%	29.26%	18.72%
Income From Trading Activities	3,441	822.49	4,002	1,556	3,940
Gain (Loss) on Sale of Assets	16.57	330.91	-5.29	167.03	1,267
Gain (Loss) on Sale of Investments	2,497	0.23	1,531	557.33	326.27
Other Non-Interest Income	72,473	40,118	19,488	16,554	11,234
Total Non-Interest Income	78,427	41,271	25,016	18,834	16,767
Non-Interest Income Growth (YoY)	90.03%	64.98%	32.82%	12.33%	-30.72%
Revenues Before Loan Losses	248,618	132,992	79,246	58,711	47,617
Provision for Loan Losses	14,732	10,563	4,762	2,104	5,635
Revenue	233,887	122,429	74,484	56,607	41,982
Revenue Growth (YoY)	91.04%	64.37%	31.58%	34.84%	-4.71%
Salaries and Employee Benefits	45,308	26,755	21,333	16,677	14,082
Occupancy Expenses	8,779	6,122	4,546	3,399	3,136
Selling, General & Administrative	12,185	7,721	6,238	3,740	3,586
Other Non-Interest Expense	65,510	38,166	27,484	20,412	15,309
Total Non-Interest Expense	131,782	78,765	59,600	44,229	36,113
EBT Excluding Unusual Items	102,105	43,664	14,884	12,377	5,868
Pretax Income	102,105	43,664	14,884	12,377	5,932
Income Tax Expense	13,271	7,675	3,532	3,451	1,354
Net Income	88,834	35,989	11,352	8,927	4,577
Net Income to Common	88,834	35,989	11,352	8,927	4,577
Net Income Growth	146.84%	217.03%	27.17%	95.01%	-11.97%
Basic Shares Outstanding	21,430	12,858	12,856	12,858	12,858
Diluted Shares Outstanding	21,430	12,858	12,856	12,858	12,858
Shares Change (YoY)	66.67%	0.01%	-0.02%	-0.00%	-
EPS (Basic)	4.15	2.80	0.88	0.69	0.36
EPS (Diluted)	4.15	2.80	0.88	0.69	0.36
EPS Growth	48.10%	216.99%	27.19%	95.01%	-11.97%
Dividend Per Share	-	0.500	0.300	0.240	0.120
Dividend Growth	-	66.67%	25.00%	100.00%	0%
Effective Tax Rate	13.00%	17.58%	23.73%	27.88%	22.83%

Source: S&P Capital IQ. Banks template. Financial Sources.