WEMA BANK PLC
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
Contents | Page |
Statements of profit or loss and other comprehensive income | 1 |
Statements of financial position | 2 |
Statements of changes in equity | 3 |
Statements of Prudential Adjustments | 4 |
Statements of cash flows | 5 |
Wema Bank Plc
Consolidated and Separate Financial Statements
For the period ended 30 June, 2023
Statements of Profit or loss and other Comprehensive Income | |||||||||
Group | Bank | ||||||||
In thousands of Nigerian Naira | 3 Months | 6 Months | 6 Months | 12 Months | 3 Months | 6 Months | 6 Months | 12 Months | |
Notes 30-Jun-23 | 30-Jun-23 | 30-Jun-22 | 31-Dec-22 | 30-Jun-23 | 30-Jun-23 | 30-Jun-22 | 31-Dec-22 | ||
50,035,272 | 89,630,928 | 60,295,161 | 133,053,047 | 49,744,486 | 89,092,597 | 59,594,190 | 131,083,309 | ||
Interest income | 7 | 42,770,341 | 76,649,121 | 50,450,043 | 108,036,632 | 42,479,555 76,110,790 49,749,072 106,066,894 | |||
Interest expense | (24,350,256) | (43,778,566) | (27,235,337) | (53,806,696) | (24,086,584) | (43,251,227) | (26,509,894) | (51,991,333) | |
Net interest income | 7 | 18,420,085 | 32,870,556 | 23,214,706 | 54,229,936 | 18,392,971 | 32,859,563 | 23,239,178 | 54,075,561 |
Net impairment loss on financial assets | 11 | (1,287,454) | (1,395,261) | (625,056) | (4,808,387) | (1,287,454) | (1,395,261) | (625,056) | (4,808,387) |
Net interest income after | |||||||||
impairment charge for credit losses | 17,132,631 | 31,475,295 | 22,589,650 | 49,421,549 | 17,105,517 | 31,464,302 | 22,614,122 | 49,267,174 | |
Net gain on FVTPL investment securities | 982,126 | 982,126 | 1,462,883 | 1,531,277 | 982,126 | 982,126 | 1,462,883 | 1,531,277 | |
Net fee and commission income | 8 | 5,092,949 | 10,027,680 | 7,477,325 | 16,586,216 | 5,092,949 | 10,027,680 | 7,477,325 | 16,586,216 |
Net trading income | 9 | 57,834 | 303,201 | (290,975) | 4,001,989 | 57,834 | 303,201 | (290,975) | 4,001,989 |
Other income | 10 | 1,132,022 | 1,668,799 | 1,195,885 | 2,896,933 | 1,132,022 | 1,668,799 | 1,195,885 | 2,896,933 |
7,264,931 | 12,981,807 | 9,845,118 | 25,016,415 | 7,264,931 | 12,981,807 | 9,845,118 | 25,016,415 | ||
Operating income | 24,397,562 | 44,457,102 | 32,434,768 | 74,437,964 | 24,370,448 | 44,446,109 | 32,459,240 | 74,283,589 | |
Personnel expenses | 12 | (6,337,371) | (11,870,762) | (9,545,334) | (21,332,578) | (6,337,371) | (11,870,762) | (9,545,334) | (21,332,578) |
Depreciation and amortization | 13b | (1,481,251) | (2,734,492) | (1,993,501) | (4,545,925) | (1,481,251) | (2,734,492) | (1,993,501) | (4,545,925) |
Other operating expenses | 13a | (10,708,118) | (17,793,243) | (14,792,559) | (33,675,500) | (10,707,974) | (17,790,743) | (14,790,059) | (33,659,078) |
Profit before tax | 5,870,822 | 12,058,605 | 6,103,374 | 14,883,962 | 5,843,852 | 12,050,112 | 6,130,346 | 14,746,009 | |
Income tax expense | 24 | (759,701) | (1,566,515) | (827,597) | (3,531,981) | (759,701) | (1,566,515) | (827,597) | (3,531,981) |
Profit for the year | 5,111,121 | 10,492,090 | 5,275,777 | 11,351,981 | 5,084,151 | 10,483,597 | 5,302,749 | 11,214,028 | |
Other comprehensive income, net of income tax | |||||||||
Items that will not be subsequently reclassified | |||||||||
to profit or loss | |||||||||
Net change in fair value of investments FVTOCI | - | - | - | 4,130,260 | - | - | - | 4,130,260 | |
- | - | - | 4,130,260 | - | - | - | 4,130,260 | ||
Items that will be subsequently reclassified to profit or loss | |||||||||
Net change in fair value of debt instruments | 106,729 | 106,729 | - | - | 106,729 | 106,729 | - | - | |
FVOCI (net of tax) | - | - | - | - | - | - | - | - | |
- | |||||||||
Other comprehensive income for the year | 106,729 | 106,729 | - | 4,130,260 | 106,729 | 106,729 | - | 4,130,260 | |
Total comprehensive income for the year | 5,217,849 | 10,598,819 | 5,275,777 | 15,482,241 | 5,190,880 | 10,590,326 | 5,302,749 | 15,344,288 | |
Profit attributable to: | |||||||||
Equity holders of the Bank | 5,111,121 | 10,492,090 | 5,275,777 | 11,351,981 | 5,084,151 | 10,483,597 | 5,302,749 | 11,214,028 | |
Total comprehensive income for the year | 5,217,849 | 10,598,819 | 5,275,777 | 15,482,241 | 5,190,880 | 10,590,326 | 5,302,749 | 15,344,288 | |
Earnings per share-basic | 14 | 159.2 | 163.2 | 82.0 | 88.3 | 158.0 | 163.0 | 82.4 | 87.2 |
Wema Bank Plc | |||||||||
Consolidated and Separate Financial Statements | |||||||||
For the period ended 30 June, 2023 | |||||||||
Statements of financial Position | |||||||||
Group | Bank | ||||||||
In thousands of Nigerian Naira | Notes | 30-Jun-23 | 31-Dec-22 | 30-Jun-23 | 31-Dec-22 | ||||
Cash and cash equivalents | 15 | 187,265,393 | 96,294,862 | 187,233,064 | 96,262,918 | ||||
Restricted Deposit with CBN | 15b | 430,993,380 | 386,993,380 | 430,993,380 | 386,993,380 | ||||
Pledged assets | 16 | 147,445,809 | 30,616,318 | 147,445,809 | 30,616,318 | ||||
Investment securities: | |||||||||
Fair value through other comprehensive income | 17a | 21,584,996 | 11,056,230 | 21,584,996 | 11,056,230 | ||||
Fair Value through profit or loss | 17b | 12,127,210 | 20,933,741 | 12,127,210 | 20,933,741 | ||||
Held at amortised cost | 17c | 390,056,591 | 320,922,935 | 381,918,547 | 312,792,563 | ||||
Wema funding SPV Plc | 17d | - | - | 1,000 | 1,000 | ||||
Loans and advances to customers | 18 | 627,005,593 | 521,430,696 | 627,005,593 | 521,430,696 | ||||
Right of Use | 27 | 960,904 | 997,465 | 960,904 | 997,465 | ||||
Property and equipment | 19 | 30,911,019 | 25,449,667 | 30,911,019 | 25,449,667 | ||||
Intangible assets | 20 | 3,178,803 | 2,859,593 | 3,178,803 | 2,859,593 | ||||
Other assets | 22 | 16,854,927 | 11,326,855 | 16,854,927 | 11,326,855 | ||||
Deferred tax assets | 21 | 12,983,232 | 12,983,232 | 12,983,232 | 12,983,232 | ||||
Total Assets | 1,881,367,856 | 1,441,864,974 | 1,873,198,483 | 1,433,703,658 | |||||
Deposits from banks | 23 | 109,578,378 | 19,153,500 | 109,578,378 | 19,153,500 | ||||
Deposits from customers | 23 | 1,392,847,276 | 1,165,934,019 | 1,392,847,276 | 1,165,934,019 | ||||
Lease Liabilities | 27 | 34,236 | 31,583 | 34,236 | 31,583 | ||||
Current tax liabilities | 24 | 1,566,515 | 1,061,974 | 1,566,515 | 1,061,975 | ||||
Other liabilities | 25 | 212,348,886 | 103,685,466 | 212,274,648 | 103,613,727 | ||||
Other borrowed funds | 26 | 75,708,293 | 69,455,531 | 67,541,875 | 61,286,178 | ||||
Total Liabilities | 1,792,083,584 | 1,359,322,073 | 1,783,842,928 | 1,351,080,981 | |||||
EQUITY | |||||||||
Share capital | 28 | 6,429,078 | 6,429,078 | 6,429,078 | 6,429,078 | ||||
Share premium | 28 | 8,698,230 | 8,698,230 | 8,698,230 | 8,698,230 | ||||
Regulatory risk reserve | 11,801,426 | 11,801,425 | 11,801,426 | 11,801,426 | |||||
Retained earnings | 28 | 18,084,248 | 11,449,605 | 18,155,529 | 11,529,379 | ||||
Other reserves | 28 | 44,271,291 | 44,164,563 | 44,271,292 | 44,164,564 | ||||
Equity attributable to equity holders of the bank | 89,284,273 | 82,542,901 | 89,355,555 | 82,622,677 | |||||
Total liabilities and equity | 1,881,367,857 | 1,441,864,974 | 1,873,198,483 | 1,433,703,658 | |||||
CONTINGENTS | 228,996,761 | 152,455,290 | 228,996,761 | 152,455,290 | |||||
The financial statements were authorized for issue by the directors on the 27th of July 2023 and signed on its behalf by: …..
Dr. (Mrs) Oluwayemisi Olorunshola | Moruf Oseni | |
Chairman | Managing Director | |
FRC/2023/PRO/DIR/003/492710 | FRC/2013/NIM/00000002114 |
Tunde Mabawonku
Executive Director
FRC/2013/ICAN/00000002097
Wema Bank Plc
Consolidated and Separate Financial Statements
For the period ended 30 June, 2023
Statements of changes in equity | |||||||||||
Group | |||||||||||
In thousands of Nigerian naira (000s) | |||||||||||
Share | Share | Share | Credit | Regulatory | Statutory | SMEIES | Fair value | Retained | Total | ||
Capital | reserve | premium | risk reserve | risk reserve | reserve | reserve | reserves | earnings | equity | ||
2023 | |||||||||||
Balance at 1 January 2023 | 6,429,078 | 12,858,155 | 8,698,230 | 781,612 | 11,801,426 | 19,337,047 | 1,349,419 | 9,838,329 | 11,449,605 | 82,542,902 | |
SMEIS Charge | - | - | - | ||||||||
Profit or loss | - | - | - | - | - | - | 10,492,090 | 10,492,090 | |||
Other comprehensive income | |||||||||||
Cumulative gain/loss reclassified from reserve on disposal of FVTOCI investments | - | ||||||||||
Fair value reserve FVTOCI financial assets | - | - | - | - | - | - | 106,729 | - | 106,729 | ||
Transfers within equity: | |||||||||||
Regulatory risk reserve | - | - | |||||||||
Transfer to Share reserve (see note 28) | - | - | |||||||||
Credit risk reserve | |||||||||||
Transfer to Statutory reserve | - | - | - | - | |||||||
6,429,078 | 12,858,155 | 8,698,230 | 781,612 | 11,801,426 | 19,337,047 | 1,349,419 | 9,945,058 | 21,941,695 | 93,141,721 | ||
Transactions with owners, recorded directly in equity | |||||||||||
Contributions by and distributions to owners | |||||||||||
Dividend Payout | (3,857,447) | (3,857,447) | |||||||||
- | - | - | - | - | - | - | - | (3,857,447) | (3,857,447) | ||
Balance as at 30 June 2023 | 6,429,078 | 12,858,155 | 8,698,230 | 781,612 | 11,801,426 | 19,337,047 | 1,349,419 | 9,945,058 | 18,084,248 | 89,284,274 | |
2022
Balance at 1 January 2022
SMEIS Charge
Profit or loss
Other comprehensive income
Cumulative gain/loss reclassified from reserve Fair value reserve FVTOCI financial assets Transfers within equity:
Regulatory risk reserve
Transfer to Share reserve (see note 28) Credit risk reserve
Transfer to Statutory reserve
19,287,233 | - | 8,698,230 | 781,612 | 6,089,871 | 17,654,943 | 902,759 | 5,708,069 | 11,023,900 | 70,146,617 |
- | - | - | - | - | - | 11,351,981 | 11,351,981 | ||
- | |||||||||
- | - | - | - | - | - | 4,130,260 | - | 4,130,260 | |
5,711,555 | (5,711,555) | ||||||||
(12,858,155) | 12,858,155 | ||||||||
1,682,104 | (1,682,104) |
6,429,078 | 12,858,155 | 8,698,230 | 781,612 | 11,801,426 | 19,337,047 | 1,349,419 | 9,838,329 | 14,535,563 | 85,628,859 | ||
Contributions by and distributions to owners | (3,085,957) | (3,085,957) | |||||||||
Dividend Payout | |||||||||||
- | - | - | - | - | - | - | - | (3,085,957) | (3,085,957) | ||
Balance as at 31 December 2022 | |||||||||||
6,429,078 | 12,858,155 | 8,698,230 | 781,612 | 11,801,426 | 19,337,047 | 1,349,419 | 9,838,329 | 11,449,605 | 82,542,902 | ||
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Wema Bank plc published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 19:33:09 UTC.