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Wema Bank Plc has released its unaudited Consolidated Financial Statements for the third quarter ended September 30, 2024.
The bank’s Q3 results released to the investing public at the Nigerian Exchange Group (NGX) show it reported profit before tax (PBT) of N60.62 billion, representing an increase of 174 percent over the N22.13 billion recorded in the corresponding period in 2023.
At N8 per share on Thursday, October 30, the share price of Wema Bank has risen year-to-date (YtD) by 42.86 percent, outperforming the market’s benchmark indicator which has risen same period by 31.09 percent.
The bank recorded an improved third-quarter performance as gross earnings grew by 91 percent to N288.32 billion (Q3 2023: N150.90 billion). Interest Income was up 81 percent year-on-year (y/y) to N229.11 billion (Q3 2023: N126.67 billion). Non-interest income went up 144 percent y/y to N59.21 billion (Q3 2023: N24.23 billion).
Return on Equity (ROAE) of 38.62 percent, Pre-Tax Return on Assets (ROAA) of 2.64 percent, Capital Adequacy Ratio (CAR) of 14.06 percent and Cost to Income Ratio (CIR) of 60.47 percent, speak to the resilience of the brand.
“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 percent.
“The growth of Gross Earnings by 91.07 percent, Total Assets by 38 percent 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 percent has witnessed significant improvement from the previous period,” said Moruf Oseni, Managing Director/Chief Executive Officer, Wema Bank.
Wema Bank’s balance sheet remained well structured with total assets growing by 38percent to N3.084trillion in Q3 2024 from N2.240trillion in FY 2023.
The bank also grew its deposit base year to date (YtD) by 23 percent to N2.292 trillion from N1.860 trillion reported in FY 2023. Loans and Advances grew by 25 percent to N1.003 trillion in Q3 2024 from N801.10 billion in FY, 2023. Non-performing loans (NPL) stood at 3.19 percent as of Q3 2024..
Meanwhile, the managing director and CEO of Wema Bank, Moruf Oseni was recently awarded the Fellowship of the Chartered Institute of Bankers of Nigeria (CIBN), in recognition of his exceptional performance, profound impact and remarkable footprint in championing innovation and growth in the Nigerian financial services industry.
The CIBN Fellowship, which is the highest cadre of membership the Institute grants, is a hallmark of professional integrity, excellence and achievement. This prestigious award is a symbol of lifetime achievement and success, conferred on deserving individuals who have made a positive mark.
The award, according to CIBN, stands as the epitome of professionalism, ethics and transformative success; an attestation to the remarkable impact, admirable reputation and extraordinary results that have identified Moruf Oseni as a force to be reckoned with in the banking and financial services industry.
Reputed as a catalyst of innovation and positive transformation, Moruf Oseni, spearheaded the launch of ALAT, Africa’s first fully digital bank and a gamechanger in the financial services industry.
Accepting the honours, Moruf Oseni expressed gratitude to the Chartered Institute of Bankers of Nigeria(CIBN) for acknowledging his impact, industry footprints and achievements with the awarding of the CIBN Fellowship Investiture.
“I am honoured by this recognition and I don’t take for granted the journey that has brought me this far. As an individual, my drive for excellence in every action, result and achievement has fuelled me to consistently exceed expectations and this passion for excellence continues to fuel my journey as a CEO of a Bank that is dearer to me than anyone can imagine, “ he stated.
Further reinforcing his reputation as a pioneer of innovation, Moruf Oseni rejigged the financial services industry earlier in 2024 with the launch of yet another “first-of-its-kind” in the Nigerian banking industry, CoopHub, a digital solution tailored to the needs of cooperative societies and designed to empower cooperatives for optimal productivity.
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