Wema Bank Showcases Strong Q3 Performance, 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 ₦60.62billion.

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.”

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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.