Subscribe to Updates

    Get the latest news as they happen

    What's Hot

    Ecobank Shines As Winner Of Africa’s Best Bank For 2025 At Global Finance

    May 28, 2025

    Governor Sheriff Oborevwori’s Second Anniversary: Delivering Impactful, Courageous, Pragmatic Leadership To Deltans

    May 28, 2025

    Late scentist Onabamiro: Dignitaries – Obasanjo, Amosun, others pay tributes at Ibadan

    May 28, 2025
    Facebook Twitter Instagram
    Megastar Magazine
    • Politics

      Political Whirlwind Propels Lee Jae-myung to South Korean Presidential Frontrunner

      May 28, 2025

      Jon Stewart Speculates on Trump’s “Endgame,” Citing “Protection Money” Pattern

      May 24, 2025

      FG summons: Natasha’s lawyers, promise defence with ‘factual evidence

      May 24, 2025

      Nigerian Government Files Criminal Charges Against Senator Natasha Akpoti-Uduaghan Over TV Interview Allegations

      May 22, 2025

      Akpabio Predicts Unification of Akwa Ibom Politics Ahead of 2027 Elections

      May 17, 2025
    • Entertainment
      1. People
      2. Events
      3. Fashion
      Featured
      Entertainment May 28, 2025

      >Choi Jung-woo, Veteran South Korean Actor, Dies at 68

      Recent

      >Choi Jung-woo, Veteran South Korean Actor, Dies at 68

      May 28, 2025

      Global Gospel Icon Sinach Declares God’s Faithfulness in Uplifting New Release ‘You Are Good.’

      May 27, 2025

      Actress Jumoke George’s daughter speaks on journey, encounter in Mali 

      May 24, 2025
    • Business

      Ecobank Shines As Winner Of Africa’s Best Bank For 2025 At Global Finance

      May 28, 2025

      For 24 Hours, 12-Year-Old Chiderije Mbah Becomes MD/CEO Of Wema Bank PLC

      May 27, 2025

      MTN set to unveil Go MAD On Campus with tour

      May 26, 2025

      UBA Launches Airtime-Free *919#

      May 26, 2025

      Dyna.Ai, PalmPay collaborate on AI for financial transformation

      May 26, 2025
    • Health

      Aiyedatiwa boosts Ondo health, upgrades 102 centres

      May 26, 2025

      Three cancer centres will be launched by May 29 – FG

      May 24, 2025

      Saudi Arabia Takes Free Eye Care Service To People Of Lagos

      May 22, 2025

      NAFDAC reiterates deadline for sachet alcohol

      May 19, 2025

      NDLEA adds two forensic labs to the existing, modernize Lagos

      May 12, 2025
    • Culture

      Olori Atuwatse III’s Foundation Kicks Off “Read and Reach” Mobile Literacy Tour

      May 28, 2025

      Itsekiris, Yorubas are related from source –  Alaafin Of Oyo

      May 12, 2025

      Supposed misunderstanding between Alaafin, Ooni skeptical 

      May 4, 2025

      Aláàfin Ọ̀yọ́’s Coronation a giant leap in Yoruba renaissance – Olaopa

      April 5, 2025

      Anyaduba Pens Tributes To Trudeau Says His Cultural Inclusivity, Outstanding 

      March 10, 2025
    • Lifestyle

      Mayor, Publisher Akinpelu Narrates Ordeal with Prostate Cancer Battle

      May 26, 2025

      Actress Jumoke George’s daughter speaks on journey, encounter in Mali 

      May 24, 2025

      Through the Valley of Shadows: A Pilgrimage to Zamfara

      May 22, 2025

      2025 TIME100 Philanthropy list; Dangote amongst.

      May 21, 2025

      Tunde Onakoya meets Prof. Wole Soyinka, discussion

      May 20, 2025
    • Sports

      La Liga: Yamal signs new contract to 2031 with Barca

      May 28, 2025

      For Somalia’s restoration; Eto’o, Adebayor, Okocha hold peace match

      May 28, 2025

      Awoniyi shines as winner of PFA community champion

      May 28, 2025

      2025 Unity Cup: Twenty players in Super Eagles’ camp

      May 26, 2025

      Tobi Amusan shines with new 100m record in Rabat

      May 26, 2025
    • Contact
    YouTube Facebook Instagram WhatsApp
    Megastar Magazine
    Home»Business»Wema Bank Shows Q3 2024 Unaudited Results… Records Profit Before Tax – ₦60.62billion, 174% YonY Growth
    Business

    Wema Bank Shows Q3 2024 Unaudited Results… Records Profit Before Tax – ₦60.62billion, 174% YonY Growth

    Ifetayo AdeniyiBy Ifetayo AdeniyiNovember 1, 20242 Mins Read
    Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email Telegram
    Share
    Facebook Twitter WhatsApp Telegram Email

    Wema Bank Shows Q3 2024 Unaudited Results… Records Profit Before Tax – ₦60.62billion, 174% YonY Growth

    Wema Bank Shows Q3 2024 Unaudited Results… Records Profit Before Tax – ₦60.62billion, 174% YonY Growth.

    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 ₦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.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Previous ArticlePresident Tinubu Obtains Letters Of Credence From Ambassadors Of Three Countries
    Next Article 25m Nigerians Given ₦25,000 Conditional Cash Transfer – Edun
    Ifetayo Adeniyi
    • Website

    Adeniyi Ifetayo Moses is an Entrepreneur, Award winning Celebrity journalist, Luxury and Lifestyle Reporter with Ben tv London and Publisher, Megastar Magazine. He has carved a niche for himself with over 15 years of experience in celebrity Journalism and Media PR.

    Related Posts

    Business May 28, 2025

    Ecobank Shines As Winner Of Africa’s Best Bank For 2025 At Global Finance

    Business May 27, 2025

    For 24 Hours, 12-Year-Old Chiderije Mbah Becomes MD/CEO Of Wema Bank PLC

    Business May 26, 2025

    MTN set to unveil Go MAD On Campus with tour

    Business May 26, 2025

    UBA Launches Airtime-Free *919#

    Business May 26, 2025

    Dyna.Ai, PalmPay collaborate on AI for financial transformation

    Business May 23, 2025

    Wema Bank Shareholders Pleased with FY 2024 Performance, Confidence of Reliable Future at AGM

    Leave A Reply Cancel Reply

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    Don't Miss
    Business May 28, 2025

    Ecobank Shines As Winner Of Africa’s Best Bank For 2025 At Global Finance

    Ecobank Shines As Winner Of Africa’s Best Bank For 2025 At Global Finance Ecobank Shines…

    Governor Sheriff Oborevwori’s Second Anniversary: Delivering Impactful, Courageous, Pragmatic Leadership To Deltans

    May 28, 2025

    Late scentist Onabamiro: Dignitaries – Obasanjo, Amosun, others pay tributes at Ibadan

    May 28, 2025

    La Liga: Yamal signs new contract to 2031 with Barca

    May 28, 2025

    Subscribe to Updates

    Get the latest news as they happen

    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    About Us
    About Us

    We are Multimedia company that specializes in Events Coverage and Planning, Media Publicity, Publishing, Awards and Outsourcing in giving styles to your event and creating brand visibility for your products and services.

    Email Us: officialmegastarmagazine@gmail.com
    Contact: +234 705 311 1111

    Our Picks

    Ecobank Shines As Winner Of Africa’s Best Bank For 2025 At Global Finance

    May 28, 2025

    Governor Sheriff Oborevwori’s Second Anniversary: Delivering Impactful, Courageous, Pragmatic Leadership To Deltans

    May 28, 2025

    Late scentist Onabamiro: Dignitaries – Obasanjo, Amosun, others pay tributes at Ibadan

    May 28, 2025
    New Comments
    • Anozie okolo on Supreme Court Affirms President Tinubu’s Victory As Atiku, Peter Obi Lose
    • Mc richman on Nigeria and South African Music histories
    • Moses Ibrahim on Olu of Warri: Pictorial @ The Ogiame Atuwatse III Economic Summit.
    • Sen Rich Kay on MALARIA ERADICATION: Prince Ned Nwoko & NMEP Meet for joint action.
    Megastar Magazine
    YouTube Facebook WhatsApp Instagram
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © 2025 Megastar Magazine. Designed by MANNDI

    Type above and press Enter to search. Press Esc to cancel.