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 | 14 |
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.