Wema Bank H1 Profit Rises 50 Per Cent to N131.4bn on Strong Interest Income

Wema Bank H1 Profit rose by more than 50 per cent in the first half of 2026 as Wema Bank Plc has reported a strong set of earnings for the first half of 2026, with profit after tax rising by more than 50 per cent as higher interest income, stronger trading activities and sustained growth in customer lending boosted performance amid Nigeria’s elevated interest rate environment.

According to the bank’s unaudited financial statements for the six months ended June 30, 2026, profit after tax increased to N131.37 billion, compared with N87.51 billion recorded during the corresponding period of 2025. Profit before tax also climbed to N154.56 billion, representing a 53.7 per cent increase from N100.59 billion reported a year earlier..

Profit before tax rose to N154.56 billion, up from N100.59 billion a year earlier, while total comprehensive income increased to N130.13 billion from N88.12 billion.

The lender’s performance was driven primarily by a sharp rise in interest income, which climbed to N342.64 billion in the first half of 2026 from N240.12 billion in the same period last year. Net interest income also increased to N195.45 billion, reflecting the bank’s ability to grow earnings from its lending and investment activities despite higher funding costs.

Operating income rose to N267.07 billion, compared with N191.77 billion in the first half of 2025, supported by improved trading income of N21.53 billion, up from N2.84 billion a year earlier.

However, operating expenses also increased during the period. Personnel expenses rose to N42.85 billion from N31.09 billion, while other operating expenses climbed to N60.61 billion from N54.81 billion. Despite the higher costs, the bank maintained strong profitability.
Wema Bank also strengthened its balance sheet during the six-month period. Total assets expanded to N5.76 trillion from N5.07 trillion at the end of December 2025, while loans and advances to customers increased to N2.12 trillion from N1.74 trillion. Customer deposits also grew to N3.45 trillion, underscoring continued growth in the bank’s funding base.

Shareholders’ funds increased to N700.45 billion, compared with N620.47 billion at the end of 2025, driven by retained earnings from the bank’s improved financial performance.

The results highlight the resilience of Wema Bank’s earnings amid Nigeria’s high interest-rate environment, with interest income remaining the principal driver of profitability in the first half of 2026.