Nigeria’s Wema Bank reported net profit of 219.84 billion naira for the first nine months of 2026, up 72.6% from the same period last year. Unaudited accounts filed with the Nigerian Exchange on 30 October show that higher interest earnings and trading income helped lift the bank’s profitability.
Gross earnings reached 673.24 billion naira between January and September, compared with 462 billion a year earlier. Pre-tax profit rose 76.6% to 258.64 billion naira, while profit after tax increased from 127.40 billion to 219.84 billion. The improvement came alongside higher operating costs and increased expenses associated with funding the business.
Interest income climbed 37.2% to 543.56 billion naira, while interest expenses rose to 217.68 billion. Net interest income therefore reached 325.88 billion naira, up from 235.61 billion in the first nine months of 2025. Charges for impairment of financial assets also increased, to 18.54 billion naira from 15.30 billion.
Trading gains and a growing balance sheet
Non-interest activities made a further contribution. Net trading income rose from 10.66 billion to 46.08 billion naira, while net fees and commissions increased to 55.14 billion naira from 42.93 billion. Overall operating income reached 437.02 billion naira, compared with 286.16 billion a year earlier.
The stronger earnings coincided with significant balance-sheet growth. At the end of September, loans and advances to customers totalled 2.511 trillion naira, versus 1.738 trillion at the end of December 2025. Customer deposits increased from 3.290 trillion to 3.862 trillion naira over the same period, while total assets grew from 5.072 trillion to 7.427 trillion.
Basic earnings per share nevertheless edged down to 730.63 kobo from 738.48 kobo in the first nine months of 2025.