WEMA BANK : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

October 30, 2023 at 06:19 am EDT

WEMA BANK PLC

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 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 September, 2023

Statements of Profit or loss and other Comprehensive Income
				Group				Bank
In thousands of Nigerian Naira	3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
Notes	30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22	30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22
		62,060,759	151,691,687	95,354,463	133,053,047	61,806,440	150,899,037	93,859,059	131,083,309

Interest income	7
Interest expense
Net interest income	7
Net impairment loss on financial assets	11
Net interest income after
impairment charge for credit losses
Net gain on FVTPL investment securities
Net fee and commission income	8
Net trading income	9
Other income	10
Operating income
Personnel expenses	12
Depreciation and amortization	13b
Other operating expenses	13a
Profit before tax
Income tax expense	24

Profit for the year

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

Items that will be subsequently reclassified to profit or loss Net change in fair value of debt instruments

FVOCI (net of tax)

Other comprehensive income for the year

Total comprehensive income for the year

Profit attributable to:

Equity holders of the Bank

Total comprehensive income for the year

Earnings per share-basic

50,814,955	127,464,076	79,973,886	108,036,632	50,560,636	126,671,426	78,478,482	106,066,894
(27,944,487)	(71,723,053)	(41,501,254)	(53,806,696)	(27,672,025)	(70,923,252)	(40,008,047)	(51,991,333)

22,870,467	55,741,023	38,472,632	54,229,936	22,888,611	55,748,174	38,470,435	54,075,561
(1,982,939)	(3,378,200)	(2,126,362)	(4,808,387)	(1,982,939)	(3,378,200)	(2,126,362)	(4,808,387)
20,887,528	52,362,823	36,346,270	49,421,549	20,905,672	52,369,974	36,344,073	49,267,174
165,083	1,147,210	1,462,883	1,531,277	165,083	1,147,210	1,462,883	1,531,277
6,813,682	16,841,362	12,015,428	16,586,216	6,813,682	16,841,362	12,015,428	16,586,216
525,387	828,588	(112,588)	4,001,989	525,387	828,588	(112,588)	4,001,989
3,741,652	5,410,451	2,014,855	2,896,933	3,741,652	5,410,451	2,014,855	2,896,933
11,245,804	24,227,611	15,380,577	25,016,415	11,245,804	24,227,611	15,380,577	25,016,415

32,133,332	76,590,434	51,726,847	74,437,964	32,151,476	76,597,585	51,724,650	74,283,589
(7,169,176)	(19,039,937)	(15,317,886)	(21,332,578)	(7,169,176)	(19,039,937)	(15,317,886)	(21,332,578)
(1,623,926)	(4,358,418)	(3,256,528)	(4,545,925)	(1,623,926)	(4,358,418)	(3,256,528)	(4,545,925)
(13,281,439)	(31,074,682)	(23,694,953)	(33,675,500)	(13,281,439)	(31,072,182)	(23,686,109)	(33,659,078)

10,058,792	22,117,397	9,457,481	14,883,962	10,076,936	22,127,048	9,464,128	14,746,009
(1,310,001)	(2,876,516)	(1,277,657)	(3,531,981)	(1,310,001)	(2,876,516)	(1,277,657)	(3,531,981)
8,748,791	19,240,881	8,179,824	11,351,981	8,766,935	19,250,532	8,186,471	11,214,028

-	-	-	4,130,260	-	-	-	4,130,260
-	-	-	4,130,260	-	-	-	4,130,260
(474,637)	(367,908)	-	-	(474,637)	(367,908)	-	-
-	-	-	-	-	-	-	-
				-
(474,637)	(367,908)	-	4,130,260	(474,637)	(367,908)	-	4,130,260

8,274,154	18,872,973	8,179,824	15,482,241	8,292,298	18,882,624	8,186,471	15,344,288


8,748,791	19,240,881	8,179,824	11,351,981	8,766,935	19,250,532	8,186,471	11,214,028
8,274,154	18,872,973	8,179,824	15,482,241	8,292,298	18,882,624	8,186,471	15,344,288
272.0	199.5	84.8	88.3	272.8	199.6	84.9	87.2

Wema Bank Plc
Consolidated and Separate Financial Statements
For the period ended 30 September, 2023
Statements of financial Position
		Group		Bank
In thousands of Nigerian Naira	Notes	30-Sep-23		31-Dec-22	30-Sep-23	31-Dec-22
Cash and cash equivalents	15	140,748,848	96,294,862	140,716,519		96,262,918
Restricted Deposit with CBN	15b	454,164,457	386,993,380	454,164,457		386,993,380
Pledged assets	16	96,093,138	30,616,318	96,093,138		30,616,318
Investment securities:
Fair value through other comprehensive income	17a	15,891,722	11,056,230	15,891,722		11,056,230
Fair Value through profit or loss	17b	18,815,824	20,933,741	18,815,824		20,933,741
Held at amortised cost	17c	543,409,032	320,922,935	535,016,669		312,792,563
Wema funding SPV Plc	17d	-	-	1,000		1,000
Loans and advances to customers	18	661,303,410	521,430,696	661,303,410		521,430,696
Right of Use	27	1,151,891	997,465	1,151,891		997,465
Property and equipment	19	34,610,269	25,449,667	34,610,269		25,449,667
Intangible assets	20	2,888,316	2,859,593	2,888,316		2,859,593
Other assets	22	19,212,357	11,326,855	19,212,357		11,326,855
Deferred tax assets	21	12,983,232	12,983,232	12,983,232		12,983,232

Total Assets		2,001,272,496	1,441,864,974	1,992,848,804		1,433,703,658

Deposits from banks	23	74,493,569	19,153,500	74,493,569		19,153,500
Deposits from customers	23	1,650,752,248	1,165,934,019	1,650,752,248		1,165,934,019
Lease Liabilities	27	35,644	31,583	35,644		31,583
Current tax liabilities	24	2,876,517	1,061,974	2,876,517		1,061,975
Other liabilities	25	120,047,823	103,685,466	119,973,585		103,613,727
Other borrowed funds	26	34,508,269	69,455,531	26,069,389		61,286,178

Total Liabilities		1,882,714,069	1,359,322,073	1,874,200,951		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	26,272,338	11,449,605	26,361,763		11,529,379
Other reserves	28	65,357,355	44,164,563	65,357,356		44,164,564

Equity attributable to equity holders of the bank		118,558,427	82,542,901	118,647,853		82,622,677

Total liabilities and equity		2,001,272,496	1,441,864,974	1,992,848,804		1,433,703,658


CONTINGENTS		243,258,786	152,455,290	243,258,786		152,455,290

The financial statements were authorized for issue by the directors on the 27th of October 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 September, 2023

Statements of changes in equity
Group
In thousands of Nigerian naira (000s)
	Share	Share	Share	AT-1 Tier1	Credit	Regulatory	Statutory	SMEIES	Fair value	Retained	Total
	Capital	reserve	premium	capital	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								560,701		(560,701)	-
INFLOW				21,000,000							21,000,000
Profit or loss	-		-		-	-	-	-		19,240,881	19,240,881
Other comprehensive income
Cumulative gain/loss reclassified from reserve on disposal of FVTOCI investments								-
Fair value reserve FVTOCI financial assets	-		-		-	-	-	-	(367,908)	-	(367,908)
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	21,000,000	781,612	11,801,426	19,337,047	1,910,120	9,470,421	30,129,785	122,415,875
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 September 2023	6,429,078	12,858,155	8,698,230	21,000,000	781,612	11,801,426	19,337,047	1,910,120	9,470,421	26,272,338	118,558,428

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)

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

Credit risk reserve							1,682,104			(1,682,104)
Transfer to Statutory reserve

	6,429,078	12,858,155	8,698,230	-	781,612	11,801,426	19,337,047	1,349,419	9,838,329	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

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2023

Statements of changes in equity
Bank
In thousands of Nigerian naira (000s)
2023	Share	Share	Share	AT-1 Tier1	Credit	Regulatory	Statutory	AGSMEIS	Fair value	Retained	Total
		reserve	premium	capital	risk reserve	risk reserve	reserve	reserve	reserves	earnings	equity
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	11,529,379	82,622,675
SMEIS Charge								560,701		(560,701)	-
INFLOW				21,000,000							21,000,000
Profit or loss	-		-		-	-	-	-		19,250,532	19,250,532
Other comprehensive income

Cumulative gain/loss reclassified from reserve on disposal of FVTOCI investments									-
Fair value reserve FVTOCI financial assets	-		-		-	-	-	-	(367,908)	-	(367,908)
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	21,000,000.00	781,612	11,801,426	19,337,047	1,910,121	9,470,421	30,219,210	122,505,298.83
											-
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 September 2023	6,429,078	12,858,155	8,698,230	21,000,000	781,612	11,801,426	19,337,047	1,910,121	9,470,421	26,361,763	118,647,852
2022

Balance at 1 January 2022	19,287,233	-	8,698,230	-	781,612	6,089,871	17,654,943	902,759	5,708,069	11,241,627	70,364,344
SMEIS Charge								446,660		(446,660)	-
Profit or loss	-		-		-	-	-	-		11,214,028	11,214,028
Other comprehensive income
Cumulative gain/loss reclassified from reserve on disposal of FVTOCI investments									-
Fair value reserve FVTOCI financial assets	-		-		-	-	-	-	4,130,260	-	4,130,260
Transfers within equity:

Regulatory risk reserve						5,711,555				(5,711,555)
Transfer to Share reserve (see note 28)	(12,858,155)	12,858,155
Credit risk reserve
Transfer to Statutory reserve							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	14,615,336	85,708,633

											-
Transactions with owners, recorded directly in equity										-
Contributions by and distributions to owners											-
Dividend Payout										(3,085,957)	(3,085,957)

	-	-	-		-	-	-	-	-	(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	11,529,379	82,622,675

Wema Bank Plc
Consolidated and Separate Financial Statements
For the period ended 30 September, 2023
Consolidated and Separate Statement of Cashflow
		Group		Bank
In thousands of Nigerian Naira	Notes	30-Sep-23	31-Dec-22	30-Sep-23	31-Dec-22
Cash flows from operating activities
Profit for the year		19,240,881	11,351,979	19,250,532	11,214,028
Adjustments for:
Taxation expense		2,876,516	3,531,981	2,876,516	3,531,981
Depreciation and amortization	13b	4,358,418	4,545,925	4,358,418	4,545,925
Adjustment for transfer out of PPE now expensed		(0)	22,539	(0)	22,539
Right of Use - Payment		-	-	-	-
(Gain)/Loss on disposal of property and equipment	32(xi)	(327,675)	5,290	(327,675)	5,290
Specific provision on cash	15
Net interest income	32(xii)	(55,741,023)	(54,226,355)	(55,748,174)	(54,075,561)
Dividend received from equity investment	10	(210,262)	(200,634)	(210,262)	(200,634)
Impairment loss on financial assets	11	3,378,200	4,808,387	3,378,200	4,808,387

Operating cashflow before movement in working capital	(26,424,945)	(30,160,888)	(26,422,445)	(30,148,045)
Change in pledged assets	32(i)	(65,476,820)	53,106,801	(65,476,820)	53,106,801
Change in loans and advances to customers	32(ii)	(143,250,914)	(107,374,780)	(143,250,914)	(107,374,780)
Change in other assets	32(iii)	(7,885,502)	22,979,138	(7,885,502)	22,979,138
Change in deposits from banks	32(iv)	55,340,069	(21,546,500)	55,340,069	(21,546,500)
Change in restricted deposit with CBN	32(v)	(67,171,077)	(73,145,960)	(67,171,077)	(73,145,960)
Change in deposits from customers	32(vi)	484,818,229	238,462,844	484,818,229	238,462,844
Change in other liabilities	32(vi)	16,366,418	39,992,499	16,363,919	39,980,654

Cashflow generated by operations		246,315,457	122,313,154	246,315,458	122,314,152
Income tax paid	24.2	(1,061,974)	(668,665)	(1,061,974)	(668,665)
Interest received	32(xii)	127,464,076	108,036,632	126,671,426	106,066,894
Interest paid	32(vii)	(64,799,029)	(48,387,612)	(64,799,029)	(48,387,612)

Net cash from operating activities		307,918,530	181,293,509	307,125,881	179,324,770
Cash flows from investing activities

Disposal/Acquisition of investment securities-At Amor 32(viii)	(222,486,097)	(190,990,982)	(222,224,106)	(193,821,876)
Disposal/Acquisition of investment securities-FVTOCI	32(ix)	(5,203,400)	(1,470,097)	(5,203,400)	(1,470,097)
Change in FVTPL investments	32(x)	2,117,917	17,759,955	2,117,917	17,759,955
Dividend received from equity investment	10	210,262	200,634	210,262	200,634
Acquisition of property and equipment	19	(12,662,587)	(6,616,377)	(12,662,587)	(6,616,377)
Proceeds from the sale of property and equipment	32(xi)	788,413	113,554	788,413	113,554
Right of Use	27	(354,235)	(431,565)	(354,235)	(431,565)
Acquisition of intangible assets	20	(1,146,085)	(1,505,658)	(1,146,085)	(1,505,658)
Net cash(used in)/generated by investing activities		(238,735,812)	(182,940,538)	(238,473,821)	(185,771,432)
Cash flows from financing activities

Proceed from borrowings	26b	1,417,433	14,784,139	1,417,433	14,784,139
Repayment of borrowings	26b	(6,214,652)	(18,387,137)	(6,484,181)	(15,426,398)
Effect of changes in exchange rate	26b	3,621,331	326,867	3,621,331	326,867
Reclassification to CRR	27b.	(33,771,372)	-	(33,771,372)	-
Additional T-1 Capital		21,000,000	-	21,000,000
Interest paid on borrowings	32(vii)	(6,924,024)	(5,422,665)	(6,124,223)	(3,603,721)
Dividend paid to shareholders		(3,857,447)	(3,085,957)	(3,857,447)	(3,085,957)

Net cash from financing activities		(24,728,730)	(11,784,753)	(24,198,459)	(7,005,070)

Net increase in cash and cash equivalents		44,453,988	(13,431,781)	44,453,601	(13,451,732)
Cash and cash equivalents at beginning of period		95,036,936	109,641,357	95,004,995	109,629,366
Effect of exchange rate changes on cash balances		1,257,923	85,284	1,257,923	85,284
Cash and cash equivalents at end of year	15
140,748,848	96,294,860	140,716,519	96,262,918

Wema Bank Plc
Consolidated and Separate Financial Statements
For the period ended 30 September, 2023
Statement of Prudential Adjustments
		Group	Bank
		30-Sep-23	31-Dec-22	30-Sep-23	31-Dec-22
Prudential Provisions:
Loans and advances	32,050,309	30,463,477	32,050,309	30,463,477
Other financial assets	2,859,919	2,859,919	2,859,919	2,859,919
		34,910,228	33,323,396	34,910,228	33,323,396
Impairment assessment under IFRS:
Loans and advances
12-months ECL credit	7,013,073	5,224,145	7,013,073	5,224,145
Life-time ECL Not impaired	340,757	116,720	340,757	116,720
Life-time ECL credit impaired	12,394,208	12,600,451	12,394,208	12,600,451
		19,748,038	17,941,317	19,748,038	17,941,317
Investment securities
12-months ECL	1,613,846	1,384,575	1,613,846	1,384,575
		1,613,846	1,384,575	1,613,846	1,384,575
Off balance sheet exposures
12-months ECL	855,890	713,876	855,890	713,876
		855,890	713,876	855,890	713,876
Other financial assets
Other assets	293,073	897,836	293,073	897,836
Cash and cash equivalent	57,343	43,754	57,343	43,754
Other non-financial assets	540,613	540,613	540,613	540,613
		891,029	1,482,203	891,029	1,482,203
Total IFRS Impairment	23,108,803	21,521,971	23,108,803	21,521,971
Excess of Prudential impairment over IFRS impairment
transferred to regulatory reserve
	11,801,425	11,801,425	11,801,425	11,801,425

Wema Bank Plc
Consolidated and Separate Financial Statements
For the period ended 30 September, 2023
Notes to the Financial Statements
					GROUP				BANK
		Key	3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
In thousands of Nigerian Naira		30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22	30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22
7	Interest income
	Cash and cash equivalents	7.1	1,890,096	3,815,263	1,056,837	1,363,120	1,890,096	3,815,263	1,056,837	1,363,120
	Loans and advances to banks and customers	7.2	30,899,343	84,421,719	62,245,869	85,067,059	30,899,343	84,421,719	62,245,869	85,067,059
	Investments securities	7.3	18,025,516	39,227,094	16,671,180	20,854,720	17,771,197	38,434,444	15,175,776	19,636,715
	Total interest income		50,814,955	127,464,076	79,973,886	107,284,899	50,560,636	126,671,426	78,478,482	106,066,894
	Interest expense


	Deposits from banks	7.4	1,599,975	5,062,738	2,589,560	2,822,605	1,599,975	5,062,738	2,589,560	2,822,605
	Deposits from customers	7.5	22,624,365	59,736,291	34422462	45,565,007	22,624,365	59,736,291	34,422,462	45,565,007
	Other borrowed funds	7.6	3,720,147	6,924,024	4,489,232	4,667,351	3,447,685	6,124,223	2,996,025	3,603,721

	Total interest expense		27,944,487	71,723,053	41,501,254	53,054,963	27,672,025	70,923,252	40,008,047	51,991,333
	Net interest income
		22,870,468	55,741,023	38,472,632	54,229,936	22,888,611	55,748,174	38,470,435	54,075,561
8	Fees and commission income

		Key	3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
			30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-2230-Sep-23	30-Sep-2330-Sep-2231-Dec-22
	Credit related fees	8.2a	363,967	833,728	686,246	947,318	363,967	833,728	686,246	947,318
	Account maintenance fees	8.1a	1,043,336	2,679,360	1,985,284	2,754,764	1,043,336	2,679,360	1,985,284	2,754,764
	Management fees	8.2b	1,451,646	3,506,590	2,298,092	2,982,745	1,451,646	3,506,590	2,298,092	2,982,745
	Fees on electronic products	8.1c	2,070,796	5,206,627	2,550,174	6,134,644	2,070,796	5,206,627	2,550,174	6,134,644
	Fees on financial guarantees	8.1b	355,302	1,012,955	403,687	540,845	355,302	1,012,955	403,687	540,845
	FX transactions	8.4	1,102,323	1,674,256		1,896,165	1,102,323	1,674,256		1,896,165
	Other fees and charges	8.3	426,312	1,927,846	4,091,945	1,329,735	426,312	1,927,846	4,091,945	1,329,735

	Total fee and commission income		6,813,682	16,841,362	12,015,428	16,586,216	6,813,682	16,841,362	12,015,428	16,586,216
9	Net trading income


	Fixed income securities	9.1	405,595	841,458	266,928	293,285	405,595	841,458	266,928	293,285
	Treasury bills	9.2	-262,766	-424,156	(503,300)	3,466,568	(262,766)	-424,156	-503,300	3,466,568
	Foreign exchange trading (note 9.1)	9.3	382,558	411,286	123,785	242,136	382,558	411,286	123,785	242,136
			525,387	828,588	-112,588	4,001,989	525,387	828,588	-112,588	4,001,989

Foreign exchange trading income is principally made up of trading income on foreign currencies, as well as gains and losses from revaluation of trading position. The

9.1 amount reported above are totally from financial assets carried at fair value through profit or loss

	Key	3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
10 Other income		30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-2230-Sep-23	30-Sep-2330-Sep-2231-Dec-22
Dividends on equities at FVOCI	10.1	100,612	210,262	143,740	200,634	100,612	210,262	143,740	200,634
Gains on disposal of property and equipment	10.2	6,725	327,675	10,175	(5,290)	6,725	327,675	10,175	(5,290)
Rental income	10.3	15,053	41,406	43,326	55,770	15,053	41,406	43,326	55,770
Income on contingents	10.6	(9,354)	14,540	38,398	38,398	(9,354)	14,540	18,040	38,398
Income on deposit accounts	10.7	56,514	98,668	77,561	77,561	56,514	98,668	56,070	77,561
Digital Income	10.8	179,011	556,265	529,619	702,356	179,011	556,265	529,619	702,356
FX Revaluation	10.9	3,327,191	3,950,212	987,103	1,591,990	3,327,191	3,950,212	987,103	1,591,990
Swift transactions	10a	46,014	130,260	77,742	103,914	46,014	130,260	77,742	103,914
Service charge		(5,979)	15,997	35,981	35,981	(5,979)	15,997	57,072	35,981
Advisory fees		(16,246)	-	27,815	27,815	(16,246)	-	28,215	27,815
Others	10.5	42,111	65,166	43,396	67,805	42,111	65,166	63,754	67,805
		-				-
		3,741,652	5,410,451	2,014,855	2,896,933	3,741,652	5,410,451	2,014,855	2,896,933

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2023

Notes to the Financial Statements

						GROUP				BANK
			Key	3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
				30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22	30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22
11 Impairment loss on financial/non-financial instruments
	Impairment charge on financial instruments
	Total impairment charge on loans and advances			2,042,002	2,945,792	2,154,836	5,538,987	2,042,002	2,945,792	2,154,836	5,538,987
	Investment securities/Treasury bills			-	229,271	-	380,398	-	229,271	-	380,398
	Cash and cash equivalent		11.1	-	13,589	-	(30,776)	-	13,589	-	(30,776)
	Other assets			(18,420)	145,767	-	173,038	(18,420)	145,767	-	173,038
			11.2					-
	Impairment charge on non-financial instruments		11.3					-
	Off balance sheet		11.4	-	142,014	-	(622,156)	-	142,014	-	(622,156)
	Litigation				-	-	46,113	-	-		46,113
	Recoveries on loans		11.5	(40,643)	(98,232)	(28,474)	(677,217)	(40,643)	(98,232)	(28,474)	(677,217)
	Total impairment charge on financial/non-financial instruments		11.6	1,982,939	3,378,200	2,126,362	4,808,387	1,982,939	3,378,200	2,126,362	4,808,387

12	Personnel expenses
	Wages and salaries		12.1	4,818,031	13,625,516	10,850,750	14,707,007	4,818,031	13,625,516	10,850,750	14,707,007
	Pension Contribution		12.2	505,322	1,187,131	1,148,451	1,797,752	505,322	1,187,131	1,148,451	1,797,752
	Outsourced staff cost		12.4	1,845,822	4,227,291	3,318,685	4,827,819	1,845,822	4,227,291	3,318,685	4,827,819
				7,169,176	19,039,937	15,317,886	21,332,578	7,169,176	19,039,937	15,317,886	21,332,578
13a	Other operating expenses
			-	3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
	In thousands of Nigerian Naira			30-Sep-22	30-Sep-23	30-Sep-22	31-Dec-22	30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22
	Advertising and marketing	12a		1,043,258	2,010,421	1,734,763	3,276,807	1,043,258	2,010,421	1,734,763	3,276,807
	AMCON Levy (i)	12b		2,408,732	5,577,524	4,830,264	6,470,894	2,408,732	5,577,524	4,830,264	6,470,894
	Auditors remuneration	12c		30,000	92,500	185,000	127,000	30,000	90,000	180,000	120,000
	Business Expenses	12d		106,604	336,827	221,825	319,576	106,604	336,827	221,825	319,576
	Cash movement expenses	12e		177,042	509,295	448,478	590,390	177,042	509,295	448,478	590,390
	Diesel Expenses	12f		404,685	1,233,848	1,066,583	1,513,161	404,685	1,233,848	1,066,583	1,513,161
	Directors Expenses	12g		10,950	35,850	37,050	52,350	10,950	35,850	37,050	52,350
	Directors fees	12h		-	8,347	41,496	55,724	-	8,347	41,496	55,724
	Donations	12i		131,797	176,347	86,704	147,334	131,797	176,347	86,704	147,334
	Electricity	12j		227,265	608,853	453,162	641,978	227,265	608,853	453,162	641,978
	General administrative expenses	12k	0.64	1,811,837	4,188,417	2,553,742	3,596,385	1,811,837	4,188,417	2,549,898	3,586,963
	Legal expenses	12tt		83,068	227,770	240,740	433,389	83,068	227,770	240,740	433,389
	Insurance	12m		151,973	378,836	292,048	414,218	151,973	378,836	292,048	414,218
	NDIC Premium	12o		1,524,102	3,557,138	3,041,448	4,234,637	1,524,102	3,557,138	3,041,448	4,234,637
	Other premises and equipment costs	12q		65,927	251,261	302,493	365,633	65,927	251,261	302,493	365,633
	Printing and stationery	12s		119,850	374,237	506,141	651,722	119,850	374,237	506,141	651,722
	Other Professional fees	12t		554,174	1,048,720	862,227	1,173,897	554,174	1,048,720	862,227	1,173,897
	Digital Bank Professional fees (ii)	12cc		52,004	172,560	195,056	195,056	52,004	172,560	195,056	195,056
	Repairs and maintenance	12u		865,064	2,089,882	2,127,654	2,960,852	865,064	2,089,882	2,127,654	2,960,852
	Security expenses	12v		118,417	352,171	474,316	659,041	118,417	352,171	474,316	659,041
	Service charge	12w	1.38	1,604,150	4,548,909	1,913,255	3,373,775	1,604,150	4,548,909	1,913,255	3,373,775
	SMS Expenses & Others	12ad		9,816	51,017	34,291	34,291	9,816	51,017	34,291	34,291
	Statutory expenses	12ac		109,849	167,892	110,331	159,989	109,849	167,892	110,331	159,989
	Technology and alternative channels	12z		1,148,401	1,856,373	1,420,609	1,448,711	1,148,401	1,856,373	1,420,609	1,448,711
	Transport & Communications	12aa		522,472	1,219,687	515,277	778,689	522,472	1,219,687	515,277	778,689
				13,281,439	31,074,682	23,694,953	33,675,500	13,281,439	31,072,182	23,686,109	33,659,078

	AMCON contributory cost relates to contribution towards the fund set up by the Central Bank of Nigeria for the bailout of the banking sector. The cost is charged at 0.5% of the preceding year's total

assets and contigent exposures.
This represents expenses incurred by the bank on electronic and digital platforms.

			Group				Bank
-	3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
In thousands of Nigerian Naira	30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22	30-Sep-23	30-Sep-23	30-Sep-22	31-Dec-22
13b Depreciation and amortization
Property, plants and equipment	1,086,292	3,041,247	2,469,436	3,443,900	1,086,292	3,041,247	2,469,436	3,443,900
Right of use of assets	69,038	199,809	211,640	285,349	69,038	199,809	211,640	285,349
Intangible assets	468,596	1,117,362	575,452	816,676	468,596	1,117,362	575,452	816,676
	1,623,926	4,358,418	3,256,528	4,545,925	1,623,926	4,358,418	3,256,528	4,545,925

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Original Link
Original Document
Permalink

Disclaimer

Wema Bank plc published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 10:18:23 UTC.

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.25 ^NGN	-6.72%		-12.59%	+11.61%

Feb. 16	Wema Bank plc Announces Directorate Changes	CI
Jan. 29	Wema Bank PLC Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Wema Bank plc Announces Directorate Changes	Feb. 15	CI
Wema Bank PLC Reports Earnings Results for the Full Year Ended December 31, 2023	Jan. 29	CI
Nigeria's Wema Bank targets equity raise, increases 2023 profit outlook	Dec. 18	RE
NIGERIA'S WEMA BANK RAISING 40 BILLION NAIRA ($50.7 MILLION) VIA…	Dec. 18	RE
Wema Bank PLC Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	23-10-30	CI
Wema Bank PLC Reports Earnings Results for the First Quarter Ended March 31, 2023	23-04-28	CI
Wema Bank PLC Reports Earnings Results for the Full Year Ended December 31, 2022	23-01-30	CI
Wema Bank PLC Reports Earnings Results for the Fourth Quarter Ended December 31, 2022	23-01-30	CI
Wema Bank plc Announces Executive Changes	23-01-02	CI
Wema Bank PLC Announces CEO Changes	23-01-02	CI
Wema Bank PLC Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	22-10-27	CI
Wema Bank PLC Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	22-07-28	CI
Wema Bank PLC Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	22-07-28	CI
Wema Bank PLC Reports Earnings Results for the First Quarter Ended March 31, 2022	22-04-29	CI
Wema Bank PLC Reports Earnings Results for the Full Year Ended December 31, 2021	22-01-31	CI
Wema Bank PLC Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021	21-10-29	CI
Wema Bank Explores M&A Opportunities, Eyes Share Sale	21-08-06	CI
Wema Bank Appoints Olusegun Adesegun and Adeyemi Adefarakan as Non-Executive Directors	21-07-26	CI
Wema Bank plc Reports Earnings Results for the First Quarter Ended March 31, 2021	21-04-30	CI
Wema Bank plc Announces Earnings Results for the Second Quarter Ended June 30, 2020	20-07-29	CI
Wema Bank plc Reports Earnings Results for the First Quarter Ended March 31, 2020	20-05-13	CI
Wema Bank plc Reports Earnings Results for the Fourth Quarter Ended December 31, 2019	20-01-30	CI
Wema Bank plc Reports Earnings Results for the Third Quarter Ended September 30, 2019	19-10-24	CI
Wema Bank Plc Partners Bank of Africa on Trade Facilitation	19-10-15	CI
Wema Bank plc Reports Earnings Results for the Second Quarter Ended June 30, 2019	19-07-26	CI

	1st Jan change	Capi.
WEMA BANK PLC	+11.61%	60.43M
AGRICULTURAL BANK OF CHINA LIMITED	+16.61%	210B
PT BANK CENTRAL ASIA TBK	+2.39%	73.14B
ANZ GROUP HOLDINGS LIMITED	+7.99%	54.82B
INDUSTRIAL BANK CO., LTD.	+1.36%	47.1B
CRÉDIT AGRICOLE S.A.	+13.25%	47B
CHINA CITIC BANK CO., LTD.	+19.29%	44.81B
JAPAN POST BANK CO., LTD.	+10.93%	36.6B
QATAR NATIONAL BANK (Q.P.S.C.)	-16.21%	35.14B
INVEST BANK	-96.60%	32.24B

Wema Bank PLC

Equities

WEMABANK

NGWEMABANK07

Banks

WEMA BANK : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

Latest news about Wema Bank PLC

Chart Wema Bank PLC

Company Profile

Income Statement Evolution

Sector Commercial Banks