The total assets of Wema Bank Nigeria has grown by 38 percent to N3.084 trillion in the third quarter of 2024 from N2.240 trillion posted in the corresponding quarter of 2023.
The Managing Director of the bank, Moruf Oseni, said this on Wednesday in the bank’s unaudited Consolidated Financial Statements.
The statement, for the period ended September 30 2024, was sent to the Nigerian Exchange Group.
Oseni said the bank also reported profit before tax of N60.62 billion for the period under review, representing a 174 percent increase over N22.13 billion recorded in the corresponding period of 2023.
The Managing Director stated that the bank grew its deposit base year-to-date by 23 percent to N2,292.30 billon for the quarter under review, from N1,860.57 billion reported in the same period of 2023.
He said the bank’s loans and advances appreciated by 25 per cent to N1003.28 billion in the third quarter of 2024, from N801.10 billion, reported in the corresponding quarter of 2023.
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According to him, Wema Bank’s Non-Performing Loan as at the quarter under review, stood at 3.19 percent.
Oseni said that the bank grew its gross earnings by 91 percent to N288.32 billion in the quarter under review, against N150.90 billion posted in the same quarter of 2023.
He stated that the bank’s Interest Income went up by 81 percent year-on-year to N229.11 billion in contrast to N126.67 billion recorded in the corresponding period of the previous year.
The bank’s non-interest income also advanced by 144 percent year-on-year to N59.21 billion from N24.23 billion posted in the same quarter of 2023.
Oseni said the bank’s Reported Return on Equity of 38.62 percent, Pre-Tax Return on Assets of 2.64 percent, Capital Adequacy Ratio of 14.06 percent and Cost to Income ratio of 60.47 per cent for the period under review.
He said: “Our 2024 third quarter 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 174 percent.
“The growth of gross earnings by 91.07 percent, total assets by 38 percent and earnings per share at 328.1k shows the core improvements to our balance sheet.
“In addition, our cost to income ratio at 60.48 percent has witnessed significant improvement from the previous period.”
Wema Bank is a leading financial services entity with banking operations across Nigeria and leading in the digital banking space.