Wema Bank Plc has reported a substantial 174% year-on-year growth in profit before tax (PBT) to ₦60.62 billion for the third quarter of 2024, up from ₦22.13 billion in Q3 2023, according to its unaudited financial statements filed with the Nigerian Exchange Group (NGX). The bank attributes this growth to strategic improvements in its revenue streams and operational efficiencies.
Key financial highlights include:
Total Assets: Grew by 38% year-to-date to ₦3.08 trillion, up from ₦2.24 trillion at the end of 2023.
Deposits: Increased by 23% to ₦2.29 trillion from ₦1.86 trillion in FY 2023, reflecting confidence from depositors.
Loans and Advances: Rose by 25% to ₦1.00 trillion, supporting the bank's lending activities.
Non-Performing Loans (NPL): Stood at a manageable 3.19% as of Q3 2024.
Wema’s revenue saw impressive growth, with Gross Earnings rising by 91% to ₦288.32 billion. Interest income rose by 81% year-on-year to ₦229.11 billion, while non-interest income increased by 144% to ₦59.21 billion. The bank’s Return on Equity (ROAE) was 38.62%, with a Pre-Tax Return on Assets (ROAA) of 2.64%. Capital Adequacy Ratio (CAR) stood at 14.06%, and the cost-to-income ratio improved to 60.47%.
Mr. Moruf Oseni, Managing Director/CEO, noted that the strong Q3 performance highlights Wema Bank’s resilience amid challenging economic conditions, emphasizing the bank’s commitment to sustaining this growth into 2025.
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