Wema Bank’s Q3 2024 PBT soars 174% YoY to N60.62bn

Samuel Mobolaji

Wema Bank Nigeria has released its unaudited financial statements for the third quarter of 2024, revealing a Profit Before Tax (PBT) of N60.62 billion, marking a 174 per cent year-on-year increase from the N22.13 billion recorded in the same period of 2023.

The bank’s Q3 performance reflects robust growth across various financial metrics, solidifying its position as a resilient player in the Nigerian banking sector.

Total assets grew by 38 per cent year-to-date, reaching N3,084.27 trillion as of September 30, 2024, up from N2,240.06 trillion at the end of FY 2023.

Deposits rose 23 per cent to N2,298.30 billion, while loans and advances increased by 25 per cent to N1,003.28 billion. The bank’s non-performing loan (NPL) ratio remained well-contained at 3.19 per cent.

The bank’s revenue streams showed remarkable gains, with gross earnings rising 91 per cent year-on-year to N288.32 billion. Interest income increased by 81 per cent to N229.11 billion, while non-interest income jumped 144 per cent to N59.21 billion.

Net interest income also posted a notable 90 per cent rise to N105.82 billion. Operating income doubled, reflecting a 100 per cent increase from Q3 2023 to N153.35 billion, despite a 70 per cent rise in operating expenses, reaching N92.73 billion.

Key performance ratios underlined the bank’s resilience, with Return on Average Equity (ROAE) at 38.62 per cent, Return on Average Assets (ROAA) at 2.64 per cent, and a Capital Adequacy Ratio (CAR) of 14.06 per cent. Notably, the cost-to-income ratio improved to 60.47 per cent, signalling enhanced operational efficiency.

Commenting on the results, Wema Bank’s Managing Director and CEO, Mr Moruf Oseni, stated, “Our Q3 2024 numbers reflect our resilience despite a challenging environment. We are on a growth trajectory that we aim to sustain into 2025.”

Oseni also highlighted the impressive increases in gross earnings by 91 per cent, total assets by 38 per cent, and earnings per share at 328.1 kobo.

Wema Bank’s strategic focus on digital banking continues to empower Nigerian businesses and entrepreneurs, positioning it as a leader in innovative financial solutions across the country.