Wema Bank Plc has reported a pretax profit of N100.5 billion for the six months ended 30 June 2025, up 229.12% from N30.5 billion recorded in the same period of 2024.
The improvement was mainly driven by growth in interest income, which rose to N240.6 billion, up 64.76% from N146 billion posted in the first half of 2024.
Of the total interest income, loans and advances to banks and customers contributed the most at N141 billion.
- Interest from investments in securities followed with N97.6 billion, while interest on cash and cash equivalents came in at N2 billion.
Interest expenses also increased during the period, rising by 34.45% to N111.4 billion.
- Despite the higher cost, net interest income rose by 104.50% to N129.2 billion compared to the figure reported a year earlier.
- After accounting for an impairment charge of N532.5 million, net interest income for H1 stood at N128.6 billion, showing a year-on-year growth of 119.85%.
In addition to the growth in interest income, the group recorded a significant rise in net fee and commission income, which reached N45.3 billion. This marks a 91.54% increase from N23.6 billion recorded in the first half of 2024.
As a result, total operating income grew to N191.7 billion, reflecting a 109.27% increase from N91.6 billion reported in the same period of the previous year.
- Although operating expenses also went up during the period, the bank still reported a pretax profit of N100.5 billion.
- Post-tax profit came in at N87.5 billion, up from N26.5 billion in H1 2024.
On the balance sheet, total assets rose to N3.9 trillion, representing a 10.53% increase compared to the figure reported as at December 2024. Retained earnings also grew to N169.3 billion, up from N103.2 billion at the end of last year.
Key Highlights (H1 2025 vs H1 2024)
- Interest income: N240.6 billion, +64.76% YoY
- Net interest income: N129.2 billion, +104.50% YoY
- Net interest income after impairment: N128.6 billion, +119.85% YoY
- Net fee and commission income: N45.3 billion, +91.54% YoY
- Operating income: N191.7 billion, +109.27% YoY
- Pretax profit: N100.5 billion, +229.12% YoY
- Total assets: N3.9 trillion, +10.53% YoY
As of the trading day ended 30 July 2025, the company’s shares were priced at N20, with a year-to-date performance of 126%.
