Wema Bank Plc has published its financial results for the first quarter of 2025, reporting a pre-tax profit of N41.1 billion, fueled by an increase in interest income.
This represents a 269.14% increase compared to the pre-tax profit of N11.1 billion from the same quarter in 2024.
Interest income rose to N110.3 billion, showing a growth of 58.92% from N69.4 billion reported the previous year.
- Of this total, interest from loans and advances to banks and customers accounted for N64.3 billion, while interest from investments was N45.3 billion.
The bank also noted an increase in interest expenses to N53.7 billion in Q1 2025, a rise of 24.04%.
- Despite this, net interest income increased by 116.83%, reaching N56.5 billion.
After accounting for impairment charges on credit losses, net interest income stood at N54.7 billion, reflecting a 119.14% rise in the first quarter.
- Additionally, net fee and commission income more than doubled to N25 billion, up from N10.8 billion in Q1 2024.
- Operating profit increased by 128.1%, reaching N84.07 billion compared to N36.8 billion the previous year.
On the balance sheet, the bank’s total assets increased to N3.6 trillion from N3.5 trillion, while retained earnings rose to N139 billion, a growth of 34.67%.
Key Highlights:
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Interest income: N110.3 billion, +58.92% YoY
- Interest expenses: N53.7 billion, +24.04% YoY
- Net interest income: N56.5 billion, +116.83% YoY
- Net interest income after impairment charges: N54.7 billion, +119.14% YoY
- Net fee and commission income: N25 billion, +130.84% YoY
- Operating income: N84 billion, +128.17% YoY
- Pre-tax profit: N41.1, +269.14% YoY
- Total assets: N3.6 trillion, +0.36% YoY
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Retained earnings: N139 billion, +34.67% YoY
As of the trading day ended 29th April 2025, shares of Wema Bank were priced at N13.75, representing a year-to-date performance of 51.1%.
