Wema Bank Declared N60.6 Billion Profit in Q3 Financial Report

Kayode Tokede

Wema Bank Plc has released its unaudited financial statements for the third quarter (Q3) ended September 30th 2024, to the Nigerian Exchange Limited (NGX) with about N60.6 billion profit before tax, representing an increase of 174 per cent over the N22.1 billion recorded in the corresponding period in 2023.

The leading financial services entity with banking operations across Nigeria also declared N52.7 billion profit after tax in Q3 2024, a growth of 47 per cent from N35.99billion declared in Q3 2023.

The significant increase in profits was driven by N288.32 billion gross earnings in Q3 2024, up by 91 per cent from N150.90 billion reported in Q3 2023.

In addition, Wema Bank’s interest income stood at N229.11 billion in Q3 2024, an increase of 81 per cent from N126.67 billion reported in Q3 2023, while interest expenses moved from N71.7billion in Q3 2023 to N124.09 billion declared in Q3 2024. 

In the period under review, Wema Bank’s non-Interest Income closed at N59.21 billion, up by144 per cent from N24.23billion declared in the corresponding period of 2023. 

Wema Bank’s balance sheet remained well structured with total assets at N3.08 trillion as of September 2024, a growth of 38 per cent from N2.24 trillion reported in 2023 FY.

The bank also grew its deposit base year to date to N2.29 trillion, an increase of by 23 per cent from N1.86 trillion reported in 2023 FY, while loans and advances closed September 2024 at N1.00 trillion, representing an increase of 25 per cent from N801.10 billion in 2023.

The financial institution declared 3.2 per cent Non-Performing Loan (NPL) as at Q3 2024 from 4.31per cent declared in 2023 FY. 

Other key ratios revealed Return on Equity (ROAE) of 38.62per cent, Pre-Tax Return on Assets (ROAA) of 2.64per cent, Capital Adequacy Ratio (CAR) of 14.06per cent and Cost to Income ratio of 60.47 per cent, speak to the resilience of the brand.

Commenting on the Q3 2024 result and accounts, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni, in a statement 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 91.07per cent, Total Assets by 38per 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.”