See more as Wema releases financial results, announces N433bn

• Wema Bank Plc has announced a gross net of implicit N400 cardinal successful the fiscal twelvemonth of 2024
• The fiscal instauration besides revealed that its nett accrued for the period, driven by higher involvement income
• Wema Bank plans to rise N200 billion, including a N150 cardinal Rights Issue acceptable to spell unrecorded from April 1

Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Wema Bank Plc has reported an awesome fiscal show for the twelvemonth ending December 31, 2024.

In its audited fiscal statements, the bank's gross net soared to N433.43 billion, portion Profit earlier taxation accrued by 141% to N102.5 billion.

Wema Bank announces maturation successful nett for 2024 Photo credit: Wema Bank
Source: UGC

The summation recorded was attributed to Wema Bank's involvement rates and its strengthened indebtedness and concern portfolio passim the year.

In enactment with these awesome fiscal results, the Board of Directors has projected a dividend outgo of N1.00 per stock for the 2024 fiscal year.

Key highlights from Wema Bank's fiscal study

Here is simply a breakdown of Wema Bank's fiscal performance.

Loan and Investment Income

High involvement rates driven by the Central Bank of Nigeria's policies aimed astatine combating inflation, Wema Bank significantly expanded its indebtedness portfolio, with gross loans amounting to N1.237 trillion, of which N1.125 trillion were semipermanent loans.

The slope earned N233.85 cardinal from loans, a 91% summation compared to the erstwhile year, with loans constituting astir 66% of its full involvement income, Punch reports.

Additionally, income from authorities investments, specified arsenic bonds and treasury bills, surged by 98% to N113.68 billion, contributing astir 32% to the bank's involvement income.

On the concern side, the slope held N712 cardinal successful Federal Government Bonds and N111.11 cardinal successful Treasury Bills, bolstering its plus basal with safer investments.

Apart from involvement income, Wema Bank saw a important emergence successful non-interest revenue, fueled by its integer banking innovations and divers work offerings. Net fees and committee income climbed to N55.576 billion, driven by:

• FX transactions (N15.039 billion)
• Electronic products (N14.073 billion)
• Management fees (N8.023 billion)
• Account attraction fees (N7.364 billion)

Wema Bank’s full assets besides expanded to N3.593 trillion, with lawsuit deposits accounting for a large share. Shareholders’ funds roseate to N256.421 billion, supported by:

• Retained net of N103.251 billion
• Share superior of N10.715 billion
• Share premium of N56.431 billion

Zenith Bank announces monolithic profit

Earlier, Legit.ng reported that Zenith Bank Plc has announced it recorded a gross net of N3.97 trillion successful 2024, which is an 86% increase from N2.12 trillion successful 2023.

The slope stated this successful its audited fiscal results released connected the Nigerian Exchange (NGX).

Zenith Bank's maturation was driven by a 138% emergence successful involvement income, bolstered by investments successful high-yield authorities securities and an expanding indebtedness book.

Profit earlier taxation (PBT) climbed 67% to N1.3 trillion successful 2024 from N796 cardinal successful the erstwhile year, supported by gross maturation and effectual treasury portfolio management.

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Source: Legit.ng