Wema Bank’s Total Assets Hit N3trn In Q3, 2024

The total assets of Wema Bank rose to N3 trillion in the third quarter, 2024 from N2.2 trillion in the second quarter, 2024.

In its unaudited Consolidated Financial Statements for the period ended September 30th 2024, the bank grew its deposit base year to date by 23 per cent to N2.2 billion from N1.8bn reported in FY 2023 even as Loans and Advances grew by 25 per cent to N1ntrillion in Q3 2024 from N801.10bn in FY, 2023. NPL stood at 3.19 per cent as at Q3 2024.

The bank reported profit before tax of N60.62bn, representing an increase of 174 per cent over the N22.13bn recorded in the corresponding period in 2023, even as it recorded an improved 3rd quarter performance as Gross Earnings grew by 91 per cent to N288.32 billion (Q3 2023: N150.90 billion)) while Interest Income was up 81 per cent year-on-year to N229.11bn (Q3 2023:N126.67bn).

Non-Interest Income up 144 per cent year-on-year to N59.21 billion from N24.23 billion in Q3 2023.

It also reported 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 Cost to Income ratio of 60.47 per cent.

Speaking on the resilience of the brand, the managing director/CEO of the bank, Moruf Oseni 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 per cent.

“The growth of Gross Earnings by 91.07 per cent, 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 per cent has witnessed significant improvement from the previous period.”