By Ayomide Otitoju
Wema Bank Nigeria has released its unaudited financial results for Q3 2024, showing robust performance with a profit before tax of ₦60.62 billion, marking a 174% increase from ₦22.13 billion in the same period last year. Total assets grew by 38% to ₦3.08 trillion, while deposits rose 23% year-to-date to ₦2.29 trillion. Loans and advances increased by 25% to ₦1.003 trillion, with a non-performing loan (NPL) ratio of 3.19%.
Gross earnings surged by 91% to ₦288.32 billion, driven by an 81% rise in interest income to ₦229.11 billion and a 144% increase in non-interest income to ₦59.21 billion. Key metrics highlight the bank’s strength, with a return on equity (ROAE) of 38.62%, return on assets (ROAA) of 2.64%, a capital adequacy ratio (CAR) of 14.06%, and a cost-to-income ratio of 60.47%.
Commenting on the results, Managing Director/CEO Mr. Moruf Oseni stated, “Our Q3 2024 numbers reflect our resilience amid a challenging environment. We are committed to sustaining our growth trajectory into 2025, with strong gains in gross earnings, total assets, and an improved cost-to-income ratio.”
