Wema Bank Plc has posted a profit before tax (PBT) of N60.6 billion and gross earnings of N288.3 billion in its third quarter operations.

The bank’s unaudited result for the third quarter that ended September 30, 2024, showed a PBT of N60.6 billion representing an increase of 174 per cent over the N22.1 billion achieved in the corresponding period in 2023 while gross earnings rose N288.3 billion, representing an increase of 91 per cent when compared to N150.9 billion achieved within the same period in 2023.

According to the bank, its total assets rose to N3.1 trillion, from N2.2 trillion in Full Year (FY) 2023, representing 38 per cent growth.

The bank also grew its deposit base year to date by 23 per cent to N2.3 billion from N1.9 billion reported in FY 2023 while loans and advances also rose by 25 per cent to N1003.3 billion in Q3, 2024 from N801.1 billion recorded in FY, 2023, represent in a growth of 25 per cent.

In addition, the bank’s non-performing loan (NPL) stood at 3.19 per cent within the same period. Its non-interest income was up by 144 per cent y/y to N59.2 billion from N24.2 billion achieved in Q3, 2023.

Managing Director/Chief Executive Officer of the bank, Moruf Oseni: said: “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 per cent.

“The growth of gross earnings by 91.07 per cent, total assets by 38 per cent and earnings per share at 328.1 kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio at 60.48 per cent has witnessed significant improvement from the previous period.”