Wema Bank Plc has published its unaudited results for the first quarter ended March 31, 2026, showing a pre-tax profit of N72.56 billion, up 76 per cent from N41 billion in the same period of 2025.

Profit after tax also rose by 76.08 per cent year-on-year to N63.13 billion, compared to N35.8 billion in Q1 2025.

The Q1 performance represents about 32 per cent of the bank’s full-year 2025 profit. If this trajectory continues through the remaining quarters of 2026, Wema Bank is on course to exceed its 2025 full-year profit by more than 29 per cent.

Earnings per share fell by 1.60 per cent to N7.90, down from N8.03 in Q1 2025, driven by an increase in the weighted average number of outstanding shares.

The bank’s total shares in issue rose to 31.953 billion as of March 31, 2026, compared with 27.281 billion recorded as of March 31, 2025.

The bank’s strong performance was largely driven by a sharp rise in interest income, which increased by 63.48 per cent to N179.96 billion.

This growth was mainly supported by income from loans and advances to customers, which rose by 50 per cent to N96.48 billion and accounted for 54 per cent of total interest income. Investment securities also made a significant contribution, representing 24 per cent of interest income.

Net interest income climbed by 75.54 per cent to N99.43 billion, supported by robust growth in interest income and a relatively slower increase in interest expenses.

Impairment charges declined by over 20 per cent to N1.44 billion, supporting the strong performance in net interest income after impairment charges, which rose by 79 per cent to N97.99 billion.

Non-interest income, comprising fee and commission income as well as trading income—accounted for about 20% of the bank’s operating income of N122.85 billion.

This is lower than its 35 per cent contribution recorded in Q1 2025.

On the balance sheet, total assets grew by 3.09 per cent to N5.229 trillion in the first quarter of 2026, with customer deposits accounting for 65 per cent of the funding base.

Shareholders’ funds rose by over 10 per cent to N684 billion, supported by a 29 per cent increase in retained earnings, which now stand at N278 billion. Consequently, the equity-to-total-assets ratio improved to 13 per cent, up from 12 per cent in the previous quarter.

Loans and advances to customers also increased by 7.2 per cent, now representing 36 per cent of total assets, reflecting continued expansion in the bank’s lending portfolio.

Key indices (Q1 2026 vs Q1 2025)

Interest income: N179.962 billion, +63.48% YoY

Interest expense: N80.533 billion, +50.69% YoY

Net interest income: N99.429 billion, +75.54% YoY

Net impairment losses on financial instruments: N1.437 billion, +20.96% YoY

Net interest income after impairment: N97.991 billion; +78.74% YoY