Thursday, October 30, 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
ADVERTISEMENT
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 min 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

Fidelity Bank’s GAIM 6 Promo Extension: A Timely Boost for Financial Inclusion and Economic Empowerment

Fidelity Bank’s GAIM 6 Promo Extension: A Timely Boost for Financial Inclusion and Economic Empowerment

October 29, 2025
FIRSTBANK MARKS SIGNIFICANT MILESTONE: ₦1 TRILLION IN INSTANT DIGITAL LOAN DISBURSEMENTS

FirstBank Sparks Global Kindness with 2025 Corporate Responsibility and Sustainability Week

October 28, 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

Fidelity Bank’s GAIM 6 Promo Extension: A Timely Boost for Financial Inclusion and Economic Empowerment
BANKING

Fidelity Bank’s GAIM 6 Promo Extension: A Timely Boost for Financial Inclusion and Economic Empowerment

October 29, 2025
FIRSTBANK MARKS SIGNIFICANT MILESTONE: ₦1 TRILLION IN INSTANT DIGITAL LOAN DISBURSEMENTS
BANKING

FirstBank Sparks Global Kindness with 2025 Corporate Responsibility and Sustainability Week

October 28, 2025
Nigeria To host IPI Africa Meeting
Media and Press

Nigeria To host IPI Africa Meeting

October 26, 2025
FirstBank Wins Gold for Best Corporate University in Social & Climate Change Impact
BANKING

FirstBank Integrates PAPSS into LIT App for Seamless Cross-Border Payments Across Africa  

October 24, 2025
FG CLARIFIES STREAMLINED ADMISSION REQUIREMENTS SAYS ENGLISH AND MATHEMATICS REMAIN COMPULSORY TO REGISTER AND SIT FOR BY ALL O’LEVEL STUDENTS
Education/Human Capital

FG CLARIFIES STREAMLINED ADMISSION REQUIREMENTS SAYS ENGLISH AND MATHEMATICS REMAIN COMPULSORY TO REGISTER AND SIT FOR BY ALL O’LEVEL STUDENTS

October 19, 2025
Olukoyede Tasks Media, CSOs on Greater Commitment to Anti-Graft War
Corruption Crusade

Olukoyede Tasks Media, CSOs on Greater Commitment to Anti-Graft War

October 17, 2025
Next Post

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

RECOMMENDED NEWS

TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

GROUP WRITES TINUBU, SAYS SECURITY OF LIVES AND PROPERTIES REMAIN THE FIRST DUTY OF GOVERNANCE “

4 weeks ago

NIGERIA, INDIA REINFORCE STRATEGIC PARTNERSHIP, VOW TO BOOST ECONOMIC, DEFENCE, HEALTH, AND FOOD SECURITY TIES

12 months ago

President’s wife, ex-Gov Bamigboye, Innih, Lawal, Dr. Amuda Aluko, Ndalolo, Rashidi Yekini, Others Honoured as Gov Abdulrazaq Names Iconic Projects

9 months ago

Yahoo Boy Bags Two Years For Impersonating Flavour N’abania, Duping American.

1 year ago

FOLLOW US

ADVERTISEMENT
ADVERTISEMENT

POPULAR NEWS

  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    BREAKING: TINUBU CHANGES SERVICE CHIEFS

    0 shares
    Share 0 Tweet 0
  • We’re Determined to Deliver Port Harcourt Ring Road Project – Governor Fubara

    0 shares
    Share 0 Tweet 0
  • TINUBU TO INEC CHAIRMAN, JOASH AMUPITAN: SERVE WITH INTEGRITY AND BEYOND REPROACH

    0 shares
    Share 0 Tweet 0
  • Group Commends Senate For The Passage of Sexual Offences Bill 2015, Which Prescribes Life Sentence for Rapists

    0 shares
    Share 0 Tweet 0
  • ‎Group Revises Inflation Rate Projection to 14% from 17 Percent for December

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
Newsroom Nigeria

The NEWSROOM NIGERIA is an independent, liberal on – line news platform committed to the right of the individual to pursue his economic happiness, without undue interference of the state. It shall promote the rights of the individual; right to freedom of worship and conscience, and to hold opinions and impact same without hindrance, subject to such laws are as consistent with the constitution and necessary for the protection of the rights of others.

  • 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.