Wema Bank records 174% YoY profit in Q3

Wema Bank Nigeria has released its unaudited Consolidated Financial Statements for Q3 2024, showing a remarkable 174 per cent year-on-year (YoY) growth in profit before tax to ₦60.62 billion.

The bank’s balance sheet expanded by 38 per cent to ₦3.084 trillion, while deposits grew 23 per cent to ₦2.292 trillion. Loans and Advances increased by 25 per cent to ₦1.003 trillion. Non-Performing Loans (NPL) stood at 3.19 per cent.

Gross Earnings surged 91 per cent to ₦288.32 billion, driven by an 81 per cent rise in Interest Income to ₦229.11 billion and a 144 per cent increase in Non-Interest Income to ₦59.21 billion.

Wema Bank reported impressive key performance metrics, including a Return on Equity (ROAE) of 38.62 per cent, Pre-Tax Return on Assets (ROAA) of 2.64 per cent, Capital Adequacy Ratio (CAR) of 14.06 per cent, and a Cost to Income ratio of 60.47 per cent.

Managing Director/CEO, Mr. Moruf Oseni, attributed the impressive results to the bank’s resilience despite a challenging operating environment. “We will sustain our growth trajectory into 2025.”

Wema Bank’s Q3 2024 performance demonstrates its commitment to delivering value to shareholders and stakeholders.

The bank’s financial highlights include a Profit Before Tax of ₦60.62 billion, representing a 174 per cent year-on-year growth. Gross Earnings stood at ₦288.32 billion, up 91 per cent year-on-year, while Total Assets grew by 38 per cent to ₦3.084 trillion. Deposits increased by 23 per cent to ₦2.292 trillion, and Loans and Advances rose by 25 per cent to ₦1.003 trillion. Earnings Per Share was 328.1 kobo.