Wema Bank has seen its income from foreign exchange revaluation increase to N14.53bn at the end of 2024 from N13.60bn in 2023, indicating a 6.78 per cent increase.

This was revealed in its unaudited financial statement for the fourth quarter of 2024, which was filed with the Nigerian Exchange Limited on Thursday.

Forex revaluation gains occur when there is an increase in the value of a bank’s assets and liabilities denominated in foreign currency due to a change in the exchange rate between the foreign currency and the local currency.

Recall that the National Assembly has approved the imposition of a 70 per cent windfall tax on the FX gains of banks that had benefitted from the harmonisation of the segments of the currency market in June 2023.

According to the result, for the fourth quarter only, the bank had recorded N325.16m in FX revaluation income.

Under fees and commission, it also saw income from FX transactions rise significantly from N4.15bn in 2023 to N15.04tn at the end of 2024, a 262.66 per cent surge in one fiscal year.

In terms of revenue for 2024, Wema Bank nearly doubled its revenue, which stood at N430.26bn from N226.91bn in the previous year. The feat was achieved on the back of a boost in interest income to N351.83bn from N185.64bn and net fee and commission income, which rose to N55.62bn from N24.96bn.

https://punchng.com/wema-bank-records-n14-53bn-in-fx-revaluation-gains/