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Wema Bank Performs Poorly In Q1 As Revenue Drops 41%, Profit Declines 72%

May 20, 2025
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Wema Bank’s revenue fell by 41.79 per cent to N81.27 billion in the first quarter (Q1) of 2025, failing to surpass the N139.62 billion generated in the corresponding period in 2024.

The lender’s topline was negatively impacted by a 37.07 per cent year-on-year decline in interest income, which dropped from N110.32 billion to N69.42 billion.

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In its consolidated and separate financial statements for the period ended March 31, 2025, Wema Bank also reported a 19.38 per cent decline in interest expense, as it fell from N53.73 billion in Q1 2024 to N43.32 billion in Q1 2025.

Consequently, Wema Bank’s net interest income nosedived to N26.09 billion during the period under review, compared to the N56.58 billion posted in the first quarter of 2024, reflecting a 53.88 per cent decline.

The company’s poor financial performance extended to the operating income, which dropped by 36,84 per cent year-on-year to N36.84 billion from N84.07 billion.

After considering personnel expenses, other operating expenses, as well as depreciation and amortisation, Wema Bank suffered a decline in its profit before tax (PBT), reporting N11.14 billion PBT in Q1 2025, compared to N41.15 billion in Q1 2024.

During the reviewed period, Wema Bank filed N1.47 billion as income tax, which dropped by 72.38 per cent, compared to the N5.35 billion paid in the first quarter of 2024.

A similar rate of decline was recorded in Wema Bank’s profit after tax (PAT), as it dropped by 72.98 per cent from N35.8 billion in Q1 2024 to N9.67 billion in the same period this year.

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