Wema Bank Posts ₦87.5 Billion Profit in H1 2025, Tripling Last Year’s Earnings

Wema Bank Plc reported a profit after tax of ₦87.5 billion for the half-year ended June 30, 2025, up from ₦26.6 billion in the same period of 2024.

The bank’s gross earnings rose to ₦303.7 billion, up 69.6 percent from ₦179.2 billion in H1 2024, driven by growth in both interest income and fee-based revenues.

Financial Performance Highlights

• Gross Earnings: ₦303.7 billion, compared to ₦179.2 billion in H1 2024

• Interest Income: ₦240.7 billion, up from ₦146.1 billion

• Net Interest Income: ₦129.2 billion, more than double the ₦63.2 billion recorded in the prior period

• Profit Before Tax: ₦100.6 billion, up from ₦30.6 billion

• Profit After Tax: ₦87.5 billion, a 229 percent increase from ₦26.6 billion

• Operating Income: ₦191.8 billion, from ₦91.6 billion in H1 2024

Wema Bank also benefited from lower impairment losses on financial assets, reporting a net impairment reversal of ₦1.3 billion, compared to a charge of ₦4.7 billion in H1 2024.

The bank’s fee and commission income rose significantly to ₦45.4 billion from ₦23.7 billion in the same period of last year while trading income stood at ₦2.8 billion.

Expenses and Profitability

Personnel expenses increased to ₦31.1 billion from ₦25.7 billion because of inflation and workforce expansion. Other operating expenses rose to ₦54.8 billion from ₦31.4 billion, driven by higher regulatory, power, and IT costs.

Despite higher operating costs, Wema Bank recorded a profit before tax of ₦100.6 billion, more than triple the ₦30.6 billion achieved in H1 2024.

After accounting for ₦13.1 billion in tax charges, profit after tax settled at ₦87.5 billion, maintaining strong growth momentum from the 2024 full-year result of ₦86.3 billion.

Outlook

Wema Bank said it remains focused on sustaining its earnings growth through balance sheet optimisation, digital expansion, and prudent risk management, while positioning itself to deliver long-term value for shareholders.