Wema Bank reports N60.6bn profit before tax in nine months 2024
Wema Bank Plc has announced its unaudited financial statements for the nine months ended September 30th 2024 with about N60.6 billion profit before tax, representing an increase of 174per cent over the N22.1 billion recorded in the corresponding period in 2023.
The significant increase in profits were driven by N288.32 billion gross earnings in nine months 2024, up by 91 per cent from N150.90 billion reported in nine months 2023.
In addition, Wema Bank’s interest income stood at N229.11 billion in nine months 2024, an increase of 81 per cent from N126.67 billion reported in nine months 2023, while interest expenses moved from N71.7billion in nine months 2023 to N124.09 billion declared in nine months 2024.
In the period under review, Wema Bank’s non-Interest Income closed at N59.21 billion, up by 144 per cent from N24.23billion declared in corresponding period of 2023.
Wema Bank’s balance sheet remained well structured with total assets at N3.08 trillion as of September 2024, a growth of 38per cent from N2.24 trillion reported in 2023 FY.
The bank also grew its deposit base year to date to N2.29 trillion, an increase of by 23 per cent from N1.86 trillion reported in 2023 FY, while loans and advances closed September 2024 at N1.00 trillion, representing an increase of 25 per cent from N801.10 billion in 2023.
The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni in a statement said, ‘our Q3 2024 numbers speaks 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 174per cent.
“The growth of Gross Earnings by 91.07per cent, Total Assets by 38per cent and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48per cent has witnessed significant improvement from the previous period.”
