Banking/Finance

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn 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 in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

 

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 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%. 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.

society_admin

Recent Posts

Fire destroys property worth millions at Benue rice mill market

Benue rice mill market fire outbreak scene. Photo Credit: John Charles By John Charles A fire…

10 hours ago

Nigeria’s inflation dropped to 23.18% in February – NBS

NBS By Sami Tunji Nigeria’s inflation rate eased for the second consecutive month in February, raising…

10 hours ago

VIDEO: CCTV footage shows military officers forcibly entering Ikeja Electric office

By Hannah Johnson A newly surfaced CCTV video has captured the moment military officers stormed the…

11 hours ago

Rema becomes first African artiste to feature on Rolling Stone cover

Photo: Instagram @mavinrecords Agency Report Nigerian music superstar, Divine Ikubor, popularly known as Rema, has…

11 hours ago

Actions Taken by NCDMB Towards Addressing Sterling Oil’s Non-Compliance Issues

The Nigerian Content Development and Monitoring Board (NCDMB) has noted the comments made by the…

15 hours ago

2027: Jandor returns to APC

By Olasunkanmi Akoni Olajide Adediran, popularly known as Jandor, the 2023 Lagos State governorship candidate…

16 hours ago