• Tue. Nov 5th, 2024

Wema Bank Posts Strong Q3 2024 Results, Records 174% Growth In Profit Before Tax


Wema Bank has released its unaudited financial results for the third quarter of 2024, reporting a robust profit before tax (PBT) of ₦60.62 billion, a 174% increase from the ₦22.13 billion recorded in the same period last year. The bank’s strong financial performance underlines its resilience in a challenging economic environment.

The bank’s total assets saw notable growth, rising by 38% to ₦3.084 trillion as of Q3 2024, up from ₦2.240 trillion in the 2023 fiscal year. Deposits also rose by 23%, reaching ₦2.292 trillion, while loans and advances grew by 25% to ₦1.003 trillion. The bank reported a non-performing loan (NPL) ratio of 3.19%, indicating sound asset quality.

Wema Bank achieved a significant boost in Gross Earnings, which increased by 91% to ₦288.32 billion from ₦150.90 billion in Q3 2023. Interest income surged by 81% to ₦229.11 billion, and non-interest income grew by 144% to ₦59.21 billion, highlighting the bank’s diversified income streams.

The bank’s financial strength is further underscored by a Return on Average Equity (ROAE) of 38.62%, a Pre-Tax Return on Average Assets (ROAA) of 2.64%, and a Capital Adequacy Ratio (CAR) of 14.06%. Additionally, the Cost to Income ratio improved to 60.47%, reflecting enhanced operational efficiency.

Mr. Moruf Oseni, Managing Director/CEO of Wema Bank, remarked on the performance: “Our Q3 2024 numbers reflect our resilience despite a challenging environment. We remain committed to sustaining our growth trajectory into 2025. The 174% growth in Profit Before Tax, along with a 91% increase in Gross Earnings, demonstrates the substantial improvements in our balance sheet.”

The bank’s strong performance is expected to pave the way for continued growth, setting the stage for a promising year ahead.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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