Wema Bank PLC (NGX: WEMABANK)

Wema Bank Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	255,062	185,643	108,037	74,798	64,553	70,682
Interest Paid on Deposits	133,021	93,922	53,807	34,922	33,703	44,696
Net Interest Income	122,041	91,721	54,230	39,877	30,850	25,986
Net Interest Income Growth (YoY)	91.03%	69.13%	35.99%	29.26%	18.72%	-3.73%
Income From Trading Activities	2,346	822.49	4,002	1,556	3,940	14,789
Gain (Loss) on Sale of Assets	460.1	330.91	-5.29	167.03	1,267	171.62
Gain (Loss) on Sale of Investments	-895.08	0.23	1,531	557.33	326.27	234.12
Other Non-Interest Income	59,479	40,118	19,488	16,554	11,234	9,007
Total Non-Interest Income	61,391	41,271	25,016	18,834	16,767	24,202
Non-Interest Income Growth (YoY)	118.06%	64.98%	32.82%	12.33%	-30.72%	74.41%
Revenues Before Loan Losses	183,432	132,992	79,246	58,711	47,617	50,187
Provision for Loan Losses	13,822	10,563	4,762	2,104	5,635	6,131
Revenue	169,610	122,429	74,484	56,607	41,982	44,057
Revenue Growth (YoY)	96.07%	64.37%	31.58%	34.84%	-4.71%	17.93%
Salaries and Employee Benefits	40,568	26,755	21,333	16,677	14,082	14,871
Occupancy Expenses	7,359	6,122	4,546	3,399	3,136	3,317
Selling, General & Administrative	9,967	7,721	6,238	3,740	3,586	3,170
Other Non-Interest Expense	49,545	38,166	27,484	20,412	15,309	15,945
Total Non-Interest Expense	107,439	78,765	59,600	44,229	36,113	37,303
EBT Excluding Unusual Items	62,171	43,664	14,884	12,377	5,868	6,754
Pretax Income	62,171	43,664	14,884	12,377	5,932	6,760
Income Tax Expense	10,079	7,675	3,532	3,451	1,354	1,560
Net Income	52,092	35,989	11,352	8,927	4,577	5,200
Net Income to Common	52,092	35,989	11,352	8,927	4,577	5,200
Net Income Growth	214.41%	217.03%	27.17%	95.01%	-11.97%	56.32%
Basic Shares Outstanding	17,144	12,858	12,856	12,858	12,858	12,858
Diluted Shares Outstanding	17,144	12,858	12,856	12,858	12,858	12,858
Shares Change (YoY)	33.35%	0.01%	-0.02%	-0.00%	-	-
EPS (Basic)	3.04	2.80	0.88	0.69	0.36	0.40
EPS (Diluted)	3.04	2.80	0.88	0.69	0.36	0.40
EPS Growth	135.77%	216.99%	27.19%	95.01%	-11.97%	56.32%
Dividend Per Share	0.500	0.500	0.300	0.240	0.120	0.120
Dividend Growth	66.67%	66.67%	25.00%	100.00%	0%	33.33%
Effective Tax Rate	16.21%	17.58%	23.73%	27.88%	22.83%	23.08%

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