NIGERIA · BANKING
Key Facts
- The bank Wema Bank is a Lagos-based commercial bank listed on the Nigerian Exchange.
- The profit Profit after tax rose 72.6% to about US$163 million in nine months.
- The size Total assets reached about US$5.5 billion, up 46% since December 2025.
- The catch Profit per share fell 1.06%, even as total profit jumped.
- What is next The audited full-year 2026 accounts are the next set of results.
Wema Bank, a Lagos-based Nigerian lender, saw its profit after tax rise 72.6% to 219.84 billion naira, written N219.84 billion (about US$163 million), in the first nine months of 2026. The figures come from unaudited accounts, which outside auditors have not yet signed off, for the period ended 30 September 2026.
For US readers, the result shows how Nigerian banks are earning from high interest rates while the naira, the national currency, trades near 1,345 per US dollar. Our report on Zenith Bank’s nine-month results gives a comparison with a larger rival.
What Happened
Wema Bank filed its nine-month accounts with the Nigerian Exchange, the country’s main stock market, at the end of October 2026. Profit before tax, the profit before the tax bill, rose 76.6% to N258.64 billion (about US$192 million) from N146.43 billion (about US$109 million).
Gross earnings, the bank’s total income before costs, climbed 45.7% to N673.24 billion (about US$501 million) from N462.00 billion (about US$344 million). Profit after tax was N219.84 billion, compared with N127.40 billion (about US$95 million) a year earlier.
The third quarter alone produced a pre-tax profit of N104.08 billion (about US$77 million). That is about 40% of the nine-month total, so the pace did not slow after the summer.
Where the Money Came From
Interest income, the money earned on loans and securities, rose 37.2% to N543.56 billion (about US$404 million). After the bank paid N217.68 billion (about US$162 million) in interest to depositors and lenders, net interest income stood at N325.88 billion (about US$242 million), up 38.3%.
Income that does not come from interest nearly doubled, up 96.9% to N129.68 billion (about US$96 million). Trading gains on securities jumped to N46.08 billion (about US$34 million) from N10.66 billion (about US$8 million), and net fees and commissions rose 28.4% to N55.14 billion (about US$41 million).
The bank set aside N18.54 billion (about US$14 million) for bad loans, up 21.2%. That is a smaller rise than the growth in income, which helped profit.
A Bigger Balance Sheet
Total assets grew 46.4% to N7.43 trillion (about US$5.5 billion) from N5.07 trillion (about US$3.8 billion) at the end of December 2025. Customer deposits rose more slowly, up 17.4% to N3.86 trillion (about US$2.9 billion) from N3.29 trillion (about US$2.4 billion).
Cash and equivalents rose 65.8% to N1.56 trillion (about US$1.2 billion). Loans to customers rose 44.5% to N2.51 trillion (about US$1.9 billion), the main use of the extra funds.
All naira figures here use an exchange rate of about 1,345 naira per US dollar, the market rate on 5 November 2026 from RT, a financial data provider. Rates on the filing dates differ slightly.
The Profit-Per-Share Puzzle
Earnings per share, the profit attributed to each share, fell 1.06% to 730.63 kobo (N7.31) from 738.48 kobo. A kobo is one hundredth of a naira.
Total profit rose sharply while profit per share slipped slightly. Investors who buy shares should compare per-share figures, not only the total.
What It Means for You
If you hold Nigerian assets through an emerging-markets fund, Wema’s numbers show that bank earnings stayed strong in 2026 as lending grew. The risk is that the profit is measured in naira, so a weaker currency would shrink the US$ value.
Travellers and business owners in Nigeria are not affected directly, since the results change no fees or rules. Companies that borrow in Lagos are not directly affected, since the results change no loan terms.
What Is Not Known
We have not confirmed what lowered earnings per share, and the bank’s own explanation is not yet public in what we reviewed. We also have not confirmed its capital ratio or its share of loans in default for the period.
The accounts are unaudited, so the figures can still change when the full-year audit is published. The bank’s own outlook for the fourth quarter is not part of what we have verified.
More: Nigeria news in English, every day from The Rio Times. See also how Nigerian stocks traded when banks fell.
Frequently Asked Questions
How Much Profit Did Wema Bank Make?
Wema Bank earned a profit after tax of N219.84 billion (about US$163 million) in the nine months to 30 September 2026. That is 72.6% more than the N127.40 billion (about US$95 million) a year earlier.
Why Did Wema Bank’s Profit Rise So Much?
Higher interest income, a near doubling of non-interest income and a much bigger loan book drove the gain. Trading gains on securities also rose sharply.
Is Wema Bank Safe for Customers?
This article reports earnings, not a safety rating. Deposits grew 17.4% to N3.86 trillion (about US$2.9 billion), but we have not confirmed capital ratios for this period.
Can US Investors Buy Wema Bank Shares?
Wema Bank trades on the Nigerian Exchange in naira, not on a US exchange. US investors usually need a broker with access to Nigerian stocks, and this is not investment advice.
Sources: Nigerian Exchange (NGX), corporate disclosures: Wema Bank Plc unaudited financial statements for the period ended 30 September 2026, filed October 2026; Wema Bank Plc, investor relations financial information, October 2026; RT, USD/NGN exchange rate, 5 November 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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