Wema Bank Reports Impressive Q3 2024 Results with ₦60.62 Billion Profit Before Tax, Up 174% Year-on-Year

Wema Bank Nigeria has announced its unaudited Consolidated Financial Statements for the third quarter of 2024, revealing a remarkable profit before tax of ₦60.62 billion. This figure marks a substantial increase of 174% compared to ₦22.13 billion recorded during the same period in 2023.

The bank’s financial health remains robust, with total assets rising by 38% to ₦3.08 trillion as of September 30, 2024, up from ₦2.24 trillion in fiscal year 2023. Additionally, Wema Bank’s deposit base has grown by 23% year-to-date, reaching ₦2.29 trillion, compared to ₦1.86 trillion reported at the end of FY 2023. Loans and advances increased by 25%, totaling ₦1.00 trillion, up from ₦801.10 billion in the previous fiscal year. The non-performing loan (NPL) ratio stood at 3.19% as of Q3 2024.

The bank experienced a strong performance in the third quarter, with gross earnings soaring by 91% to ₦288.32 billion, compared to ₦150.90 billion in Q3 2023. Interest income rose by 81% year-on-year to ₦229.11 billion, up from ₦126.67 billion, while non-interest income surged by 144% to ₦59.21 billion, compared to ₦24.23 billion in the same quarter last year.

Key financial metrics indicate the bank’s stability, including a Return on Equity (ROAE) of 38.62%, a Pre-Tax Return on Assets (ROAA) of 2.64%, a Capital Adequacy Ratio (CAR) of 14.06%, and a Cost to Income ratio of 60.47%.

Mr. Moruf Oseni, the Managing Director and Chief Executive Officer of Wema Bank, stated, “Our Q3 2024 numbers speak 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%, and earnings per share at 328.1 kobo 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.”