Wema Bank Nigeria Plc has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigerian Exchange Group (NGX).
The bank reported profit before tax of N60.62bn, representing an increase of 174 per cent over the N22.13bn recorded in the corresponding period in 2023.
According to the financial report seen by NewsNGR, the bank’s balance sheet remained resilient with total assets growing by 38 per cent to N3.084trn in Q3 2024 from N2.240trn in FY 2023.
The bank also grew its deposit base year to date by 23 per cent to N2.292bn from N1.861bn reported in FY 2023.
Loans and advances grew by 25 per cent to N1.03tn in Q3 2024 from N801.10bn in 2023. NPL stood at 3.19 per cent as of Q3 2024.
The bank recorded an improved third quarter performance as gross earnings grew by 91 per cent to N288.32bn in Q3 2024 from Q3’s 2023 of N150.90bn.
Interest Income was up 81 per cent year on year to N229.11bn from Q3’s 2023 of N126.67bn.
Non-interest income was up 144 per cent year on year to N59.21bn against Q3’s 2023 of N24.23bn.
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 per cent. The growth of Gross Earnings by 91.07 per cent, total assets by 38 per cent, 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 per cent has witnessed significant improvement from the previous period”.