WEMA BANK PLC
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
Contents | Page |
Statements of profit or loss and other comprehensive income | 1 |
Statements of financial position | 2 |
Statements of changes in equity | 3 |
Statement of Prudential Adjustments | 5 |
Statement of cash flows | 6 |
Wema Bank Plc
Consolidated and Separate Financial Statements
For the period ended 30 September, 2022
Statement of Profit or loss and other Comprehensive Income | |||||||
Group | Bank | ||||||
In thousands of Nigerian Naira | 3 Months | 9 Months | 9 Months | 3 Months | 9 Months | 9 Months | |
Notes 30-Sep-22 | 30-Sep-22 | 30-Sep-21 | 30-Sep-22 | 30-Sep-22 | 30-Sep-21 | ||
Gross Earnings | 35,059,302 | 95,354,463 | 63,077,135 | 34,264,869 | 93,859,059 | 61,571,334 | |
Interest income | 7 | 29,523,843 | 79,973,886 | 51,550,286 | 28,729,410 | 78,478,482 | 50,044,486 |
Interest expense | (14,265,917) | (41,501,254) | (23,100,912) | (13,498,153) | (40,008,047) | (21,587,853) | |
Net interest income | 7 | 15,257,926 | 38,472,632 | 28,449,374 | 15,231,257 | 38,470,435 | 28,456,633 |
Net impairment loss on financial assets | 11 | (1,501,306) | (2,126,362) | (811,162) | (1,501,306) | (2,126,362) | (811,162) |
Net interest income after | |||||||
impairment charge for credit losses | 13,756,620 | 36,346,270 | 27,638,212 | 13,729,951 | 36,344,073 | 27,645,470 | |
Net gain on FVTPL investment securities | - | 1,462,883 | 13,262 | - | 1,462,883 | 13,262 | |
Net fee and commission income | 8 | 4,538,103 | 12,015,428 | 8,722,511 | 4,538,103 | 12,015,428 | 8,722,511 |
Net trading income | 9 | 178,387 | (112,588) | 1,163,240 | 178,387 | (112,588) | 1,163,240 |
Other income | 10 | 818,970 | 2,014,855 | 1,627,836 | 818,970 | 2,014,855 | 1,627,836 |
5,535,459 | 15,380,577 | 11,526,849 | 5,535,459 | 15,380,577 | 11,526,849 | ||
Operating income | 19,292,079 | 51,726,847 | 39,165,060 | 19,265,410 | 51,724,650 | 39,172,319 | |
Personnel expenses | 12 | (5,772,551) | (15,317,886) | (12,381,847) | (5,772,551) | (15,317,886) | (12,381,847) |
Depreciation and amortization | 13b | (1,263,027) | (3,256,528) | (2,486,100) | (1,263,027) | (3,256,528) | (2,486,100) |
Other operating expenses | 13a | (8,902,393) | (23,694,953) | (17,088,199) | (8,896,049) | (23,686,109) | (17,090,615) |
Profit before tax | 3,354,107 | 9,457,481 | 7,208,915 | 3,333,782 | 9,464,128 | 7,213,757 | |
Income tax expense | 26 | (450,060) | (1,277,657) | (973,857) | (450,060) | (1,277,657) | (973,857) |
- | |||||||
Profit for the year | 2,904,047 | 8,179,824 | 6,235,058 | 2,883,722 | 8,186,471 | 6,239,900 | |
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 investments FVOCI Income tax relating to items that may be reclassified subsequently to profit or Loss
Other comprehensive income for the year
Total comprehensive income for the year
Profit attributable to:
- | - | (97,163) | - | - | (97,163) |
- | - | - | - | - | |
- | - | (97,163) | - | - | (97,163) |
2,904,047 | 8,179,824 | 6,137,894 | 2,883,722 | 8,186,471 | 6,142,737 |
Equity holders of the Bank | 2,904,047 | 8,179,824 | 6,235,058 | 2,883,722 | 8,186,471 | 6,239,900 | |
Total comprehensive income for the year | 2,904,047 | 8,179,824 | 6,137,894 | 2,883,722 | 8,186,471 | 6,142,737 | |
Earnings per share-basic | 14 | 87.6 | 169.6 | 21.6 | 87.3 | 169.7 | 21.6 |
Wema Bank Plc | ||||||||
Consolidated and Separate Financial Statements | ||||||||
For the period ended 30 September, 2022 | ||||||||
Statement of financial Position | ||||||||
Group | Bank | |||||||
Notes | 30-Sep-22 | 31-Dec-21 | 30-Sep-22 | 31-Dec-21 | ||||
In thousands of Nigerian Naira | ||||||||
Cash and cash equivalents | 15 | 106,819,034 | 109,726,640 | 106,807,043 | 109,714,649 | |||
Restricted Deposit with CBN | 15b | 363,916,166 | 313,847,420 | 363,916,166 | 313,847,420 | |||
Pledged assets | 16 | 36,426,544 | 83,723,119 | 36,426,544 | 83,723,119 | |||
Investment securities: | ||||||||
Fair value through other comprehensive income | 17a | 5,513,995 | 5,455,873 | 5,514,995 | 5,456,873 | |||
Fair Value through profit or loss | 17b | 28,273,080 | 38,693,696 | 28,273,080 | 38,693,696 | |||
Held at amortised cost | 17c | 266,825,066 | 129,931,955 | 262,158,798 | 118,970,687 | |||
Loans and advances to customers | 18 | 461,919,314 | 418,864,303 | 461,919,314 | 418,864,303 | |||
Investment properties | 19 | - | 0 | - | 0 | |||
Right of Use | 29 | 905,629 | 851,249 | 905,629 | 851,249 | |||
Property and equipment | 20 | 25,336,888 | 22,418,542 | 25,336,888 | 22,418,542 | |||
Intangible assets | 21 | 3,072,087 | 2,170,640 | 3,072,087 | 2,170,640 | |||
Other assets | 23 | 25,524,710 | 34,305,993 | 25,524,710 | 34,305,993 | |||
Deferred tax assets | 22 | 15,500,694 | 15,500,694 | 15,500,694 | 15,500,694 | |||
Total Assets | 1,340,033,208 | 1,175,490,124 | 1,335,355,949 | 1,164,517,865 | ||||
Deposits from banks | 24 | 19,853,085 | 40,700,000 | 19,853,085 | 40,700,000 | |||
Deposits from customers | 25 | 1,079,576,129 | 927,471,175 | 1,079,576,129 | 927,471,175 | |||
Lease Liabilities | 29 | 30,335 | 26,879 | 30,335 | 26,879 | |||
Current tax liabilities | 26 | 1,325,113 | 716,120 | 1,325,113 | 716,120 | |||
Other liabilities | 27 | 99,105,443 | 63,697,672 | 99,038,902 | 63,637,779 | |||
Other borrowed funds | 28 | 64,902,620 | 72,731,661 | 60,067,528 | 61,601,569 | |||
Total Liabilities | 1,264,792,724 | 1,105,343,507 | 1,259,891,091 | 1,094,153,521 | ||||
EQUITY | ||||||||
Share capital | 30 | 19,287,233 | 19,287,233 | 19,287,233 | 19,287,233 | |||
Share premium | 30 | 8,698,230 | 8,698,230 | 8,698,230 | 8,698,230 | |||
Regulatory risk reserve | 6,089,871 | 6,089,871 | 6,089,871 | 6,089,871 | ||||
Retained earnings | 30 | 16,117,767 | 11,023,900 | 16,342,141 | 11,241,627 | |||
Other reserves | 30 | 25,047,383 | 25,047,383 | 25,047,383 | 25,047,383 | |||
EQUITY ATTRIBUTABLE TO | 75,240,484 | 70,146,617 | 75,464,858 | 70,364,344 | ||||
EQUITY HOLDERS OF THE BANK | ||||||||
TOTAL LIABILITIES AND EQUITY | 1,340,033,208 | 1,175,490,124 | 1,335,355,949 | 1,164,517,865 | ||||
CONTINGENTS | 151,880,980 | 118,568,967 | 151,880,980 | 118,568,967 | ||||
The financial statements were authorized for issue by the directors on the 26th of October 2022 and signed on its behalf by: …..
Babatunde Kasali
Chairman
FRC/2017/ICAN/00000016973
Tunde Mabawonku
Chief Financial Officer
FRC/2013/ICAN/00000002097
Ademola Adebise
Managing Director
FRC/2013/ICAN/00000002115
Wema Bank Plc | ||||||||||
Consolidated and Separate Financial Statements | ||||||||||
For the period ended 30 September, 2022 | ||||||||||
Statements of changes in equity | ||||||||||
Group | ||||||||||
In thousands of Nigerian naira (000s) | ||||||||||
Share | Share | Credit | Regulatory | Statutory | SMEIES | Fair value | Retained | Total | ||
Capital | premium | risk reserve | risk reserve | reserve | reserve | reserves | earnings | equity | ||
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 | 11,023,900 | 70,146,617 | |
Dividend Payout | (3,085,957) | (3,085,957) | ||||||||
SMEIS Charge | - | - | - | |||||||
Profit or loss | - | - | - | - | - | - | 8,179,824 | 8,179,824 | ||
Other comprehensive income | ||||||||||
Cumulative gain/loss reclassified from reserve on disposal of FVTOCI investments | - | |||||||||
Fair value reserve FVTOCI financial assets | - | - | - | - | - | - | - | - | - | |
19,287,233 | 8,698,230 | 781,612 | 6,089,871 | 17,654,943 | 902,759 | 5,708,069 | 16,117,767 | 75,240,484 | ||
Transactions with owners, recorded directly in equity | ||||||||||
Contributions by and distributions to owners | ||||||||||
Regulatory risk reserve | - | - | - | - | - | - | - | - | ||
Credit risk reserve | - | - | ||||||||
Transfer to Statutory reserve | - | - | - | - | - | - | - | - | ||
Total contribution and distributions to owners | - | - | - | - | - | - | - | - | - | |
Balance as at 30 September 2022 | 19,287,233 | 8,698,230 | 781,612 | 6,089,871 | 17,654,943 | 902,759 | 5,708,069 | 16,117,767 | 75,240,484 | |
2021 | ||||||||||
Balance at 1 January 2021 | 19,287,233 | 8,698,230 | 781,612 | 5,536,119 | 14,974,982 | 673,148 | 2,086,782 | 7,103,647 | 59,141,753 | |
Dividend Payout | (1,542,978) | (1,542,978) | ||||||||
SMEIS Charge | 229,611 | (229,611) | 0 | |||||||
Profit or loss | - | - | - | - | - | - | 8,926,555 | 8,926,555 | ||
Other comprehensive income | ||||||||||
Cumulative gain/loss reclassified from reserve on disposal of FVTOCI investments | - | |||||||||
Fair value reserve FVTOCI financial assets | - | - | - | - | - | - | 3,621,287 | - | 3,621,287 | |
19,287,233 | 8,698,230 | 781,612 | 5,536,119 | 14,974,982 | 902,759 | 5,708,069 | 14,257,613 | 70,146,617 | ||
Transactions with owners, recorded directly in equity | ||||||||||
Contributions by and distributions to owners | ||||||||||
Regulatory risk reserve | - | - | 553,752 | - | - | - | (553,752) | - | ||
Credit risk reserve | - | - | ||||||||
Transfer to Statutory reserve | - | - | - | 2,679,961 | - | - | (2,679,961) | - | ||
Total contribution and distributions to owners | - | - | - | 553,752 | 2,679,961 | - | - | (3,233,713) | - | |
Balance as at 31 December 2021 | ||||||||||
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 | ||
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Wema Bank plc published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2022 13:26:03 UTC.