… Reports Profit Before Tax of ₦60.62billion, a 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.

• Project to make Grenada to become a major energy hub

Oceangate Oil and Gas Engineering, under the leadership of Group CEO, Dr. Aisha Sulaiman Achimugu, has secured a historic multi-billion dollar deal with Global Petroleum Group to launch one of the Caribbean’s largest oil and gas ventures.

This transformative partnership aims to develop Grenada’s significant hydrocarbon reserves, paving the way for the island nation to emerge as a major energy hub in the Caribbean and beyond.

With a vision to fuel long-term economic growth and sustainable development, this ambitious project promises not only to elevate Grenada’s energy production capabilities but also to foster job creation, infrastructure development, and technology transfer within the local economy.

Set against the backdrop of the Caribbean’s evolving energy landscape, the venture is expected to provide unprecedented economic opportunities, delivering benefits across sectors and positioning Grenada as a key energy supplier in the region.

“We are thrilled to enter this partnership with Global Petroleum Group, which will bring substantial economic benefits and energy resources to Grenada,” said Dr. Achimugu.

“This venture underscores Oceangate’s commitment to investing in sustainable energy solutions that drive economic prosperity while respecting environmental standards. We believe this project will lay the foundation for future economic collaborations between Africa and the Caribbean.”

Wema Bank, Nigeria’s foremost innovative app and pioneer of Africa’s first fully digital bank, ALAT, is breaking new ground by pioneering yet another industry first; the ALAT Xplore App, Nigeria’s first licensed banking app for teenagers.

Set to officially launch on Saturday, October 26, 2024, the ALAT Xplore App has been released on the Google PlayStore and iOS App Store, giving teenagers the opportunity to test the app, explore its functionalities and leverage the unique range of solutions tailored to their needs as teenagers, ultimately equipping them with practical financial management prowess as they journey from childhood to adulthood.

With the ALAT Xplore App, finance management becomes more interesting for teenagers and interwoven into their lifestyles, giving them a head-start in their journey to financial success.

The ALAT Xplore App features a seamless onboarding experience, offers savings goals that help Teens save towards specific targets, allows airtime and data purchases, incorporates widgets that allow teens customise the App’s interface based on their preferences and, going several steps further, allows teenagers access a debit card issued in their name.

The ALAT Xplore App is a trailblazer in the financial services industry and a gamechanger in personal finance management, restructuring the global standards for financial empowerment efforts and launching Nigeria onto the global stage for innovation.

Teenagers are encouraged to download the ALAT Xplore App on the PlayStore or App Store. To completely onboard, their parents must open an ALAT Xplore Account for them on the ALAT App, to approve their teenager’s use of the ALAT Xplore App.