Wema Bank Plc has released its unaudited financial results for the nine months ended September 30, 2026, reporting a pre-tax profit of N258.64 billion, representing a 76.62% increase from N146.43 billion in the corresponding period of 2025.<\/p>\n
Gross earnings increased by 45.72% to N673.24 billion from N462.00 billion, supporting a 72.56% increase in profit after tax to N219.84 billion. However, earnings per share declined by 1.06% to 730.63 kobo from 738.48 kobo.<\/p>\n
In Q3 2026, the bank recorded a pre-tax profit of N104.08 billion, contributing 40.24% of its nine-month pre-tax earnings.<\/p>\n
\n\n
- Gross earnings: N673.24 billion (Up 45.72% YoY from N462.00 billion).<\/li>\n
- Interest income: N543.56 billion (Up 37.21% YoY from N396.14 billion).<\/li>\n
- Interest expenses: N217.68 billion (Up 35.60% YoY from N160.53 billion).<\/li>\n
- Net interest income: N325.88 billion (Up 38.31% YoY from N235.61 billion).<\/li>\n
- Impairment charges: N18.54 billion (Up 21.19% YoY from N15.30 billion).<\/li>\n
- Net interest income after impairment: N307.34 billion (Up 39.50% YoY from N220.31 billion).<\/li>\n
- Non-interest income: N129.68 billion (Up 96.93% YoY from N65.85 billion).<\/li>\n
- Net fee and commission income: N55.14 billion (Up 28.44% YoY from N42.93 billion).<\/li>\n
- Net trading income: N46.08 billion (Up 332.09% YoY from N10.66 billion).<\/li>\n
- Total assets: N7.43 trillion (Up 46.42% from N5.07 trillion at December 2025).<\/li>\n
- Customer deposits: N3.86 trillion (Up 17.40% from N3.29 trillion).<\/li>\n
- Cash and cash equivalents: N1.56 trillion (Up 65.81% from N940.81 billion).<\/li>\n<\/ul>\n<\/blockquote>\n
Driving the numbers<\/strong><\/h4>\n
Wema Bank\u2019s nine-month earnings growth was driven by higher interest income, stronger non-interest earnings and improved net interest income, although rising funding costs and operating expenses weighed on profitability.<\/p>\n
Gross earnings increased by 45.72% to N673.24 billion, with interest income remaining the largest contributor.<\/p>\n
\n
- Interest income grew by 37.21% to N543.56 billion from N396.14 billion, accounting for 80.74% of gross earnings.<\/li>\n
- Interest on loans and advances to banks and customers contributed N326.01 billion, representing 59.98% of total interest income, compared with N244.44 billion in the prior-year period.<\/li>\n
- Interest from cash and cash equivalents increased sharply to N91.28 billion from N8.04 billion, contributing 16.79% of interest income.<\/li>\n
- However, interest income from investment securities declined by 12.11% to N126.27 billion from N143.67 billion, accounting for 23.23% of total interest income.<\/li>\n<\/ul>\n
On the funding side, interest expenses increased by 35.60% to N217.68 billion from N160.53 billion, driven largely by higher customer deposit costs.<\/p>\n
\n
- Interest paid on customer deposits increased by 66.51% to N200.54 billion, representing approximately 92.12% of total interest expenses.<\/li>\n<\/ul>\n
Despite higher funding costs, net interest income increased by 38.31% to N325.88 billion from N235.61 billion, as interest income growth exceeded the increase in interest expenses.<\/p>\n
Impairment charges on financial assets increased by 21.19% to N18.54 billion from N15.30 billion, reflecting higher credit-related charges.<\/p>\n
\n
- Nevertheless, net interest income after impairment increased by 39.50% to N307.34 billion from N220.31 billion.<\/li>\n<\/ul>\n
Non-interest income provided another significant boost, increasing by 96.93% to N129.68 billion from N65.85 billion.<\/p>\n
\n
- Net fee and commission income rose by 28.44% to N55.14 billion, contributing 42.52% of non-interest income.<\/li>\n
- Net trading income surged to N46.08 billion from N10.66 billion, accounting for 35.53% of non-interest income, driven largely by treasury bill trading income of N40.47 billion.<\/li>\n
- Other income increased to N18.04 billion from N11.19 billion, while gains on investment securities measured at fair value through profit or loss rose to N10.42 billion from N1.07 billion.<\/li>\n<\/ul>\n
The improved income performance lifted operating income by 52.72% to N437.02 billion from N286.16 billion.<\/p>\n
However, operating expenses also increased. Personnel expenses rose by 37.29% to N69.10 billion, while other operating expenses increased by 17.59% to N95.24 billion.<\/p>\n
\n
- Depreciation and amortisation expenses increased to N14.05 billion from N8.41 billion.<\/li>\n<\/ul>\n
Despite these cost pressures, pre-tax profit increased by 76.62% to N258.64 billion, while profit after tax rose by 72.56% to N219.84 billion.<\/p>\n
However, basic earnings per share declined to 730.63 kobo from 738.48 kobo, despite the increase in after-tax earnings.<\/p>\n
Balance sheet<\/strong><\/h4>\n
On the balance sheet, total assets increased by 46.42% to N7.43 trillion as of September 2026, from N5.07 trillion at December 2025, driven largely by growth in loans and advances, investment securities and cash balances.<\/p>\n
\n
- Loans and advances to customers increased by 44.49% to N2.51 trillion from N1.74 trillion, while investment securities rose by 53.58% to N2.05 trillion from N1.34 trillion.<\/li>\n
- Cash and cash equivalents increased to N1.56 trillion from N940.81 billion, supported largely by higher money market placements.<\/li>\n<\/ul>\n
On the liabilities side, customer deposits increased by 17.40% to N3.86 trillion, while other liabilities rose substantially to N2.59 trillion from N1.01 trillion.<\/p>\n
\n
- Meanwhile, other borrowed funds declined by 28.09% to N81.71 billion from N113.63 billion.<\/li>\n<\/ul>\n
Shareholders\u2019 equity increased by 27.34% to N790.13 billion from N620.47 billion, supported by retained earnings.<\/p>\n
Market reaction<\/strong><\/h4>\n
Wema Bank shares closed at N32.00 on Friday, October 30, 2026, gaining 3.23% from the previous closing price of N31.00.<\/p>\n
Year-to-date, it has gained 56.9% year-to-date based on its opening price of N20.40, ranking 45th on the Nigerian Exchange in terms of year-to-date performance.<\/p>\n
On October 29, when the financial statements were authorised for issue, the shares declined by 0.32% to N31.00.<\/p>\n
Source: <\/p>\n
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