Wema Bank Nigeria has reported an outstanding performance in its unaudited Consolidated Financial Statements for Q3 2024, marking a significant 174% year on year (YoY) growth in profit before tax. With profit reaching ₦60.62 billion, Wema Bank's Q3 results highlight strategic financial growth and resilience in a challenging economic environment.
Profit and Earnings
Profit Before Tax (PBT) ₦60.62 billion, a 174% increase YoY.
Gross Earnings ₦288.32 billion, up by 91%.
Interest Income ₦229.11 billion, an increase of 81%.
Non Interest Income ₦59.21 billion, soaring by 144%.
Balance Sheet and Deposits
Total AssetsGrew by 38%, reaching ₦3.084 trillion.
Deposits: Increased by 23%, standing at ₦2.292 trillion.
Loans and Advances Rose by 25% to hit ₦1.003 trillion.
Performance Metrics
Return on Equity (ROAE) 38.62%.
Pre Tax Return on Assets (ROAA) 2.64%.
Capital Adequacy Ratio (CAR) 14.06%.
Cost to Income Ratio 60.47%.
Non Performing Loans (NPL) Maintained at 3.19%.
Wema Bank's Managing Director/CEO, Mr. Moruf Oseni, credited the impressive growth to the bank's adaptive strategies and ongoing innovation, despite Nigeria's challenging operating landscape. He expressed confidence that Wema Bank is well positioned to continue its upward trajectory into 2025, with plans to sustain its focus on value delivery for shareholders and stakeholders.
The bank’s performance metrics, particularly the Return on Equity and Return on Assets, demonstrate an impressive yield for shareholders, with Earnings Per Share standing at 328.1 kobo. Wema Bank's robust Q3 performance underscores its commitment to solidifying its market position, expanding financial services, and driving shareholder value even further in the coming quarters.
Wema Bank’s Q3 results reveal the bank's strength in asset growth, diversified income streams, and steady increases in loans and deposits. As the bank continues to navigate the evolving financial landscape, it appears well-prepared to sustain its financial momentum and strategic growth initiatives, solidifying its place as a major player in Nigeria’s banking sector.
Wema Bank’s Q3 2024 performance is a testament to its resilience and strategic prowess in the face of economic challenges, with positive implications for continued growth and value creation in 2025 and beyond.