Wema Bank showcases strong Q3 performance, records 174 % YoY profit in Q3
Wema Bank
Nike Popoola
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 N60.62 billion.
The bank’s balance sheet expanded by 38 per cent to N3.084 trillion, while deposits grew 23 per cent to N2.292 trillion. Loans and Advances increased by 25 per cent to N1.003 trillion. Non-Performing Loans (NPL) stood at 3.19 per cent.
Gross Earnings surged 91 per cent to N288.32 billion, driven by an 81 per cent rise in Interest Income to N229.11 billion and a 144 per cent increase in Non-Interest Income to N59.21 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.”
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 N60.62 billion, representing a 174 per cent year-on-year growth. Gross Earnings stood at N288.32 billion, up 91 per cent year-on-year, while Total Assets grew by 38 per cent to N3.084 trillion. Deposits increased by 23 per cent to N2.292 trillion, and Loans and Advances rose by 25 per cent to N1.003 trillion. Earnings Per Share was 328.1 kobo.
