Wema Bank Plc reported a 72.6% increase in profit after tax to N219.84 billion in the nine months ended September 30, 2026, compared with N127.40 billion recorded in the corresponding period of 2025.
The bank generated N92.44 billion in additional profit during the period, supported by higher interest income, stronger trading revenue and increased lending activities.
According to its unaudited financial statements, gross earnings rose 45.7% to N673.24 billion from N462 billion, while interest income increased 37.2% to N543.56 billion from N396.14 billion.
Interest expenses also increased 35.6% to N217.68 billion from N160.53 billion, reflecting higher funding costs.
Despite the increase, net interest income grew 38.3% to N325.88 billion from N235.61 billion, demonstrating the bank’s ability to expand earnings from its core lending and investment operations.
Net impairment losses on financial assets increased to N18.54 billion from N15.30 billion, while net interest income after credit impairment charges rose to N307.34 billion from N220.31 billion.
Non-interest income provided additional support, with net trading income jumping 332.1% to N46.08 billion from N10.66 billion.
Net fee and commission income increased 28.4% to N55.14 billion, while gains on financial assets measured at fair value through profit or loss rose to N10.42 billion from N1.07 billion.
Consequently, operating income increased 52.7% to N437.02 billion from N286.16 billion.
However, operating expenses also rose during the period, with personnel costs increasing 37.3% to N69.10 billion and other operating expenses rising 17.6% to N95.24 billion.
Profit before tax climbed 76.6% to N258.64 billion from N146.43 billion, while income tax expense more than doubled to N38.80 billion from N19.04 billion.
Third-Quarter Profit Rises to N88.47 Billion
Wema Bank recorded N88.47 billion in profit after tax during the third quarter of 2026, accounting for approximately 40.2% of its nine-month earnings.
The bank generated N258.16 billion in gross earnings during the three-month period, including N200.93 billion in interest income.
Net interest income stood at N130.43 billion, while profit before tax reached N104.08 billion.
The strong quarterly contribution indicates that profitability remained substantial towards the end of the reporting period.
Total Assets Increase 46.4% to N7.43 Trillion
Wema Bank’s total assets increased 46.4% to N7.43 trillion as of September 30, 2026, compared with N5.07 trillion at the end of December 2025.
Loans and advances to customers rose 44.5% to N2.51 trillion from N1.74 trillion, reflecting an expansion in the bank’s credit portfolio.
Customer deposits increased 17.4% to N3.86 trillion from N3.29 trillion, while cash and cash equivalents climbed 65.8% to N1.56 trillion.
The bank also increased its investment securities held at amortised cost to N1.48 trillion from N1.12 trillion.
Meanwhile, total shareholders’ equity rose 27.3% to N790.13 billion from N620.47 billion, supported by retained earnings.
Other liabilities increased significantly to N2.59 trillion from N1.01 trillion, contributing to the expansion in the bank’s balance sheet.
For investors, Wema Bank’s results demonstrate strong earnings growth and expanding lending activities, with profit increasing faster than gross earnings.
However, the substantial increase in other liabilities, rising impairment charges and faster loan growth relative to customer deposits will remain important indicators to monitor as the bank continues expanding its balance sheet.