Wema Bank posts Profit Before Tax of ₦60.62b
Wema Bank Nigeria has posted Profit Before Tax (PBT) of N60.62billion according to the bank’s unaudited Consolidated Financial Statements for the period ended September 30, 2024 released to the Nigerian Exchange Group.
This represents an increase of 174 per cent over the ₦22.13billion recorded in the corresponding period in 2023.
Wema Bank’s balance sheet remained well structured with total assets growing by 38 per cent to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023.
The bank also grew its deposit base year-to-date by 23 per cent to ₦2,292.30billion from ₦1,860.57billion reported in FY 2023.
Loans and Advances grew by 25 per cent to ₦1003.28billion in Q3 2024 from ₦801.10billion in FY, 2023. NPL stood at 3.19 per cent as at Q3 2024.
The bank recorded an improved Q3 performance as Gross Earningsgrew by 91 per cent to ₦288.32billion (Q3 2023: ₦150.90bn)). Interest Income was up 81 per cent y/y to ₦229.11billion (Q3 2023: ₦126.67bn).
Non-Interest Income moved up 144 per cent y/y to ₦59.21billion (Q3 2023:₦24.23bn).
Return on Equity (ROAE) peaked at 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 Cost to Income ratio of 60.47 per cent speak to the resilience of the brand.
Wema Bank’s Managing Director/CEO Mr. Moruf Oseni said: “Our Q3 2024 numbers speaks 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 per cent. The growth of Gross Earnings by 91.07 per cent , Total Assets by 38 per cent and earnings per share at 328.1kobo shows the core improvements to our balance sheet.
“In addition, our cost to income ratio at 60.48per cent has witnessed significant improvement from the previous period,” Oseni said.
