Wema Bank Profit Before Tax Increases by 174%

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Wema Bank’s unaudited Consolidated Financial Statements, released by the Nigerian Stock Exchange for the period ended September 30, 2024, indicated a surging 174% increase in her Profit Before Tax, which represents N60.62billion.

In the corresponding 2023, Wema Bank’s Profit Before Tax was ₦22.13billion.

However, the Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023.

The bank also grew its deposit base year-to-date by 23 % to ₦2,292.30billion from ₦1,860.57billion reported in FY 2023.

Again, loans and Advances grew by 25% to ₦1003.28billion in Q3 2024 from ₦801.10billion in FY, 2023. NPL stood at 3.19 per cent as at Q3 2024.

Furthermore, it recorded an improved Q3 performance as Gross Earnings grew by 91% to ₦288.32billion (Q3 2023: ₦150.90bn)). Interest Income was up 81 %y/y to ₦229.11billion (Q3 2023: ₦126.67bn). Whilst non-Interest Income moved up 144 %y/y to ₦59.21billion (Q3 2023:₦24.23bn).

Return on Equity (ROAE) peaked at 38.62% , Pre-Tax Return on Assets (ROAA) of 2.64 %, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47% speak to the resilience of the brand.

Commenting, Mr. Moruf Oseni, Wema Bank’s Managing Director said: “Our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025.

“The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%.

The growth of Gross Earnings by 91.07%, Total Assets by 38 per cent and earnings per share at 328.1kobo shows the core improvements to our balance sheet.

“In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period,” Oseni said.