… Reports Profit Before Tax of 60.62 billion naira, a 174% Year on Year Growth.
Wema Bank Nigeria has released its unaudited Consolidated Financial Statements for September 30th, 2024, to the Nigeria Exchange Group, NGX.
The Bank reported a profit before tax of 60.62 billion naira, representing a 174% increase over the 22.13 billion naira recorded in the corresponding period in 2023.
Wema Bank’s balance sheet remained well structured with total assets growing by 38% to 3,084.27 trillion naira in Q3 2024 from 2,240.06 trillion naira in FY 2023. The bank also grew its deposit base year to date by 23% to 2,292.30 billion naira from 1,860.57 billion naira reported in FY 2023.
Loans and Advances grew by 25% to 1003.28 billion naira in Q3 2024 from 801.10 billion naira in FY, 2023. NPL stood at 3.19% as of Q3 2024.
The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to 288.32 billion naira. Interest Income was up 81% y/y to 229.11 billion naira, while Non-Interest Income went up 144% y/y to 59.21 billion naira.
Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06%, and Cost-to-income ratio of 60.47%, speak to the resilience of the brand.
The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘Our Q3 2024 numbers speak 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%. The growth of Gross Earnings by 91.07%, Total Assets by 38%, and earnings per share at 328.1kobo shows the core improvements to our balance sheet.
In addition, our cost-to-income ratio at 60.48% has witnessed significant improvement from the previous period.