Wema Bank surges with N60.62 billion Profit Before Tax in Q3 2024

By Rukayat Adeyemi

Wema Bank Nigeria has reported significant growth in its Q3 2024 financials, achieving a 38% increase in total assets to N3.084 trillion, up from N2.240 trillion in Q3 2023.

This was disclosed in the bank’s unaudited Consolidated Financial Statements filed with the Nigerian Exchange Group (NGX) on Wednesday.

The bank’s Profit Before Tax (PBT) soared by 174% to N60.62 billion, a substantial rise from N22.13 billion recorded in the same period last year.

Wema Bank’s Managing Director/CEO, Mr. Moruf Oseni, highlighted the bank’s steady growth trajectory, including a 23% year-to-date rise in deposits to N2.292 trillion, from N1.860 trillion reported last year.

Further emphasizing its robust financial position, the bank’s loans and advances climbed by 25% to N1.003 trillion, up from N801.1 billion year-on-year, while its Non-Performing Loan (NPL) ratio stood at 3.19%.

Gross earnings for the third quarter grew by 91% to N288.32 billion, a considerable increase from N150.9 billion in Q3 2023. Interest income also saw a strong boost, rising by 81% to N229.11 billion, alongside a 144% surge in non-interest income, reaching N59.21 billion.

Oseni noted that the bank’s Return on Average Equity (ROAE) reached 38.62%, with a Pre-Tax Return on Average Assets (ROAA) of 2.64%. Additionally, Wema Bank maintained a Capital Adequacy Ratio (CAR) of 14.06% and a Cost to Income ratio of 60.47%.

“Our third-quarter results underscore our resilience in a challenging environment, with impressive gains in profit and total assets,” Oseni said. “We aim to sustain this growth into 2025, reflecting core improvements to our balance sheet and operational efficiency.”