Prime Business AfricaIn the first half (H1) of 2025, Wema Bank recorded N240.65 billion in interest income, exceeding the N146.06 billion notched up in H1 2024, representing an increase of 64.75 percent.
According to the company’s consolidated and separate financial statements for the period ended June 30, 2025, Wema Bank incurred N111.43 billion in interest expense, surpassing the N82.87 billion reported in the first six months of last year.
Join our WhatsApp ChannelWith interest income outstripping interest expense, net interest income grew by 104.50 percent to N129.22 billion during the period under review, compared to the N63.19 billion recorded in H1 2024.
In addition, Wema Bank reduced its net impairment loss on financial assets by 88.55 percent year-on-year, from N4.65 billion to N532.53 million.
Wema Bank also reported that net fee and commission income increased to N45.37 billion in H1 2025, from N23.69 billion in the first half of last year, reflecting an increase of 91.54 percent.
Also, the operating income of the financial institution grew threefold or 109.27 percent to N191.77 billion between January and June 2025, compared to the N91.63 billion reported in the same period in 2024.
Similarly, Wema Bank saw a 229.11 percent growth in profit before tax (PBT), which increased from N30.56 billion in H1 2024 to N100.59 billion in the corresponding period this year.
This resulted in income tax rising by 229.35 percent in H1 2025, as Wema Bank paid N13.07 billion in taxes, compared to the N3.97 billion filed in the first half of 2024.
At the end of the period under review, Wema Bank was left with N240.65 billion profit after tax (PAT), surpassing the N146.06 billion net income reported in H1 2024, indicating an increase of 64.75 percent.
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