Thursday, June 26, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
Home BANKING

Wema Bank Releases Q3 2024 Unaudited Results, Reports Profit Before Tax of ₦60.62billion

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to ₦288.32bn (Q3 2023: ₦150.90bn)

Newsroom Nigeria by Newsroom Nigeria
October 31, 2024
in BANKING, News
Reading Time: 1 mins read
0
SHARES
Share on FacebookShare on Twitter

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

Related posts

Alleged N110b Fraud: Court Adjourns Yahaya Bello’s Trial to July 8

Alleged N110b Fraud: Court Adjourns Yahaya Bello’s Trial to July 8

June 26, 2025

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to ₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn)

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

 

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni 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 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% 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% has witnessed significant improvement from the previous period.

ShareTweetSendShareShare
Previous Post

EXPLAINER: PROPOSED TAX REFORM BILLS NOT AGAINST THE NORTH; THEY WILL BENEFIT ALL STATES

Next Post

Federal Ministry of Communications, Innovation & Digital Economy Announce N2.8billion Google support to Advance AI Talent Development in Nigeria

Related Posts

Alleged N110b Fraud: Court Adjourns Yahaya Bello’s Trial to July 8
JUDICIARY

Alleged N110b Fraud: Court Adjourns Yahaya Bello’s Trial to July 8

June 26, 2025
BANKING

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025
Foreign

WEST AFRICA MUST TURN DEMOGRAPHIC STRENGTH AND MINERAL WEALTH INTO JOBS AND INDUSTRY, SAYS TINUBU

June 21, 2025
Foreign

NIGERIA, BENIN SIGN INTEGRATION AGREEMENT AS PRESIDENTS TINUBU, TALON LEAD CALL FOR REGIONAL REFORMS

June 21, 2025
Foreign

GLOBAL ECONOMY WILL NOT WAIT FOR WEST AFRICA TO GET ITS ACT TOGETHER – TINUBU TELLS ECOWAS

June 21, 2025
INAUGURAL LECTURE: UNIVERSITY PROFESSOR OFFERS NEW PERSPECTIVES IN MARKETING
Education/Human Capital

INAUGURAL LECTURE: UNIVERSITY PROFESSOR OFFERS NEW PERSPECTIVES IN MARKETING

June 25, 2025
Next Post

Federal Ministry of Communications, Innovation & Digital Economy Announce N2.8billion Google support to Advance AI Talent Development in Nigeria

RECOMMENDED NEWS

ALAKE UNVEILS MINING MARSHALS TO SECURE MINING SITES

1 year ago

JULIUS BERGER DELIVERS CLASSROOM BLOCKS AND FURNITURE FOR SCHOOLS AT ABUJA-KADUNA ROAD COMMUNITIES

2 years ago

TPP FEST 2024: Subair Emerges Most Outstanding Public Sector CEO, As LIRS Wins Multiple Awards

9 months ago

NURTW CRISIS: RIVAL UNION EMERGES, DRAGS OLUOMO TO COURT

3 years ago

FOLLOW US

POPULAR NEWS

  • TAU Students Win Big   at National Innovation Challenge

    TAU Students Win Big   at National Innovation Challenge

    0 shares
    Share 0 Tweet 0
  • Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    0 shares
    Share 0 Tweet 0
  • ADEBAYO HELD ALOFT THE BANNER OF THE UPN, LED BY OBAFEMI AWOLOWO, TINUBU PENS TRIBUTE TO A TRUE STATESMAN

    0 shares
    Share 0 Tweet 0
  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    0 shares
    Share 0 Tweet 0
  • INEC Receives Applications To Register Obidients People’s Party (OPP), 109 Other Political Parties Registration

    0 shares
    Share 0 Tweet 0
Newsroom Nigeria

This independent, liberal online news platform aims to inform citizens about important issues. NEWSROOM NIGERIA covers political, business, economic, national, and international news. They are committed to journalism ethics and hold the government accountable.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.