Wema Bank Plc has reported a spectacular N41.1 billion pre-tax profit for the first quarter of 2025, up 269.14% year on year from N11.1 billion in Q1 2024. A result which was principally driven by a considerable increase in interest income and better operating metrics.
According to its most recent financial figures, interest income increased by 58.92% to N110.3 billion from N69.4 billion in the same period of the previous year. This included N64.3 billion in loans and advances to banks and clients, and also N45.3 billion in investments.
Despite a 24.04% increase in interest expenditures to N53.7 billion, Wema Bank’s net interest income rose by 116.83% to N56.5 billion. After subtracting credit impairment costs, net interest income increased by an astonishing 119.14% to N54.7 billion.
The bank’s net fee and commission revenue also increased significantly, more than doubling to N25 billion from N10.8 billion in the first quarter of 2024.
Operating income increased to N84.07 billion, up 128.1% from N36.8 billion in the previous year.
On the financial sheet, Wema Bank’s total assets were N3.6 trillion, up 0.36% year on year, while retained earnings increased to N139 billion, or 34.67%.
Wema Bank shares closed at N13.75 on April 29, 2025, representing a 51.1% year-to-date increase, indicating rising investor confidence in the bank’s financial prognosis.
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