Wema Bank Plc. Photo: File
Wema Bank Plc increased its profit after tax 50.1 per cent to N131.4bn in the first half of 2026, driven by robust growth in interest income and loan expansion despite a larger share base following its recapitalisation.
The lender’s unaudited financial results for the six months ended 30 June 2026, showed profit after tax rose from N87.50bn in the corresponding period of 2025. Profit before tax climbed 53.7 per cent to N154.56bn from N100.60bn, while gross earnings grew 36.9 per cent to N415.09bn.
The strong earnings performance was underpinned by a 42.7 per cent increase in interest income to N342.64bn from N240.12bn, reflecting higher returns from lending activities and investment assets.
Wema Bank also strengthened its balance sheet during the period. Total assets rose 13.5 per cent to N5.76tn as of 30 June 2026, from N5.07tn at the end of December 2025.
Loans and advances to customers increased 21.7 per cent to N2.12tn, while customer deposits grew by nearly five per cent to N3.45tn from N3.29tn, providing additional funding for the bank’s expanding lending operations.
The results underscore Wema Bank’s continued earnings momentum following its recapitalisation, with stronger interest income supporting profitability and an expanding loan book driving growth.
“Despite this, you must note that the enlarged share capital of the bank is expected to weigh on earnings per share in the near term, even as the stronger capital base positions the bank for future expansion,” said a Lagos-financial expert, Segun Adegun.
