Nine months 2026:  Wema Bank declares 76.6% growth in profit to N258.64bn 

Wema Bank Plc has released its unaudited financial results for the nine months ended September 30, 2026, reporting a profit before tax of N258.64 billion, representing a 76.62per cent increase from N146.43 billion in the corresponding period of 2025.

Gross earnings increased by 45.72per cent to N673.24 billion from N462.00 billion, supporting a 72.56per cent increase in profit after tax to N219.84 billion. However, earnings per share declined by 1.06per cent to 730.63 kobo from 738.48 kobo.

In Q3 2026, the bank recorded a pre-tax profit of N104.08 billion, contributing 40.24% of its nine-month pre-tax earnings.

Wema Bank’s nine-month earnings growth was driven by higher interest income, stronger non-interest earnings and improved net interest income, although rising funding costs and operating expenses weighed on profitability.

Gross earnings increased by 45.72per cent to N673.24 billion, with interest income remaining the largest contributor.  Interest income grew by 37.21per cent to N543.56 billion from N396.14 billion, accounting for 80.74per cent of gross earnings.

Interest on loans and advances to banks and customers contributed N326.01 billion, representing 59.98per cent of total interest income, compared with N244.44 billion in the prior-year period.

Interest from cash and cash equivalents increased sharply to N91.28 billion from N8.04 billion, contributing 16.79per cent of interest income.

However, interest income from investment securities declined by 12.11per cent to N126.27 billion from N143.67 billion, accounting for 23.23% of total interest income.

On the funding side, interest expenses increased by 35.60per cent to N217.68 billion from N160.53 billion, driven largely by higher customer deposit costs.

Interest paid on customer deposits increased by 66.51per cent to N200.54 billion, representing approximately 92.12per cent of total interest expenses.

Despite higher funding costs, net interest income increased by 38.31per cent to N325.88 billion from N235.61 billion, as interest income growth exceeded the increase in interest expenses.

Impairment charges on financial assets increased by 21.19per cent to N18.54 billion from N15.30 billion, reflecting higher credit-related charges.

Nevertheless, net interest income after impairment increased by 39.50per cent to N307.34 billion from N220.31 billion. Non-interest income provided another significant boost, increasing by 96.93per cent to N129.68 billion from N65.85 billion.

Net fee and commission income rose by 28.44per cent to N55.14 billion, contributing 42.52per cent  of non-interest income.

Net trading income surged to N46.08 billion from N10.66 billion, accounting for 35.53per cent of non-interest income, driven largely by treasury bill trading income of N40.47 billion.

Other income increased to N18.04 billion from N11.19 billion, while gains on investment securities measured at fair value through profit or loss rose to N10.42 billion from N1.07 billion.

The improved income performance lifted operating income by 52.72% to N437.02 billion from N286.16 billion.

However, operating expenses also increased. Personnel expenses rose by 37.29per cent to N69.10 billion, while other operating expenses increased by 17.59% to N95.24 billion.

Depreciation and amortisation expenses increased to N14.05 billion from N8.41 billion.

Despite these cost pressures, pre-tax profit increased by 76.62per cent to N258.64 billion, while profit after tax rose by 72.56per cent to N219.84 billion.

However, basic earnings per share declined to 730.63 kobo from 738.48 kobo, despite the increase in after-tax earnings.

On the balance sheet, total assets increased by 46.42per cent to N7.43 trillion as of September 2026, from N5.07 trillion at December 2025, driven largely by growth in loans and advances, investment securities and cash balances.

Loans and advances to customers increased by 44.49per cent to N2.51 trillion from N1.74 trillion, while investment securities rose by 53.58per cent to N2.05 trillion from N1.34 trillion.

Cash and cash equivalents increased to N1.56 trillion from N940.81 billion, supported largely by higher money market placements.

On the liabilities side, customer deposits increased by 17.40per cent to N3.86 trillion, while other liabilities rose substantially to N2.59 trillion from N1.01 trillion.