Wema Bank Plc has launched its unaudited monetary outcomes for the 9 months ended September 30, 2026, reporting a pre-tax profit of N258.64 billion, representing a 76.62% improve from N146.43 billion within the corresponding interval of 2025.
Gross earnings elevated by 45.72% to N673.24 billion from N462.00 billion, supporting a 72.56% improve in profit after tax to N219.84 billion. However, earnings per share declined by 1.06% to 730.63 kobo from 738.48 kobo.
In Q3 2026, the financial institution recorded a pre-tax profit of N104.08 billion, contributing 40.24% of its nine-month pre-tax earnings.
Key Highlights
- Gross earnings: N673.24 billion (Up 45.72% YoY from N462.00 billion).
- Interest income: N543.56 billion (Up 37.21% YoY from N396.14 billion).
- Interest bills: N217.68 billion (Up 35.60% YoY from N160.53 billion).
- Net interest income: N325.88 billion (Up 38.31% YoY from N235.61 billion).
- Impairment expenses: N18.54 billion (Up 21.19% YoY from N15.30 billion).
- Net interest income after impairment: N307.34 billion (Up 39.50% YoY from N220.31 billion).
- Non-interest income: N129.68 billion (Up 96.93% YoY from N65.85 billion).
- Net charge and fee income: N55.14 billion (Up 28.44% YoY from N42.93 billion).
- Net buying and selling income: N46.08 billion (Up 332.09% YoY from N10.66 billion).
- Total property: N7.43 trillion (Up 46.42% from N5.07 trillion at December 2025).
- Customer deposits: N3.86 trillion (Up 17.40% from N3.29 trillion).
- Cash and money equivalents: N1.56 trillion (Up 65.81% from N940.81 billion).
Driving the numbers
Wema Bank’s nine-month earnings progress was pushed by increased interest income, stronger non-interest earnings and improved internet interest income, though rising funding prices and working bills weighed on profitability.
Gross earnings elevated by 45.72% to N673.24 billion, with interest income remaining the most important contributor.
- Interest income grew by 37.21% to N543.56 billion from N396.14 billion, accounting for 80.74% of gross earnings.
- Interest on loans and advances to banks and clients contributed N326.01 billion, representing 59.98% of complete interest income, in contrast with N244.44 billion within the prior-year interval.
- Interest from money and money equivalents elevated sharply to N91.28 billion from N8.04 billion, contributing 16.79% of interest income.
- However, interest income from funding securities declined by 12.11% to N126.27 billion from N143.67 billion, accounting for 23.23% of complete interest income.
On the funding facet, interest bills elevated by 35.60% to N217.68 billion from N160.53 billion, pushed largely by increased buyer deposit prices.
- Interest paid on buyer deposits elevated by 66.51% to N200.54 billion, representing roughly 92.12% of complete interest bills.
Despite increased funding prices, internet interest income elevated by 38.31% to N325.88 billion from N235.61 billion, as interest income progress exceeded the rise in interest bills.
Impairment expenses on monetary property elevated by 21.19% to N18.54 billion from N15.30 billion, reflecting increased credit-related expenses.
- Nevertheless, internet interest income after impairment elevated by 39.50% to N307.34 billion from N220.31 billion.
Non-interest income offered one other vital enhance, growing by 96.93% to N129.68 billion from N65.85 billion.
- Net charge and fee income rose by 28.44% to N55.14 billion, contributing 42.52% of non-interest income.
- Net buying and selling income surged to N46.08 billion from N10.66 billion, accounting for 35.53% of non-interest income, pushed largely by treasury invoice buying and selling income of N40.47 billion.
- Other income elevated to N18.04 billion from N11.19 billion, whereas positive factors on funding securities measured at honest worth via profit or loss rose to N10.42 billion from N1.07 billion.
The improved income efficiency lifted working income by 52.72% to N437.02 billion from N286.16 billion.
However, working bills additionally elevated. Personnel bills rose by 37.29% to N69.10 billion, whereas different working bills elevated by 17.59% to N95.24 billion.
- Depreciation and amortisation bills elevated to N14.05 billion from N8.41 billion.
Despite these value pressures, pre-tax profit elevated by 76.62% to N258.64 billion, whereas profit after tax rose by 72.56% to N219.84 billion.
However, fundamental earnings per share declined to 730.63 kobo from 738.48 kobo, regardless of the rise in after-tax earnings.
Balance sheet
On the stability sheet, complete property elevated by 46.42% to N7.43 trillion as of September 2026, from N5.07 trillion at December 2025, pushed largely by progress in loans and advances, funding securities and money balances.
- Loans and advances to clients elevated by 44.49% to N2.51 trillion from N1.74 trillion, whereas funding securities rose by 53.58% to N2.05 trillion from N1.34 trillion.
- Cash and money equivalents elevated to N1.56 trillion from N940.81 billion, supported largely by increased cash market placements.
On the liabilities facet, buyer deposits elevated by 17.40% to N3.86 trillion, whereas different liabilities rose considerably to N2.59 trillion from N1.01 trillion.
- Meanwhile, different borrowed funds declined by 28.09% to N81.71 billion from N113.63 billion.
Shareholders’ fairness elevated by 27.34% to N790.13 billion from N620.47 billion, supported by retained earnings.
Market response
Wema Bank shares closed at N32.00 on Friday, October 30, 2026, gaining 3.23% from the earlier closing value of N31.00.
Year-to-date, it has gained 56.9% year-to-date primarily based on its opening value of N20.40, rating forty fifth on the Nigerian Exchange when it comes to year-to-date efficiency.
On October 29, when the monetary statements have been authorised for concern, the shares declined by 0.32% to N31.00.
