Bank of England weighs raising cap on high-risk mortgages to five times income: FT

Wema Bank Plc reported a remarkable 76.62% increase in its pre-tax profit to N258.64 billion for the nine months ended September 30, 2026, compared to N146.43 billion in the same period of 2025. Gross earnings surged by 45.72% to N673.24 billion, supporting a 72.56% rise in profit after tax to N219.84 billion. However, earnings per share slipped slightly by 1.06% to 730.63 kobo from 738.48 kobo.

Interest income drove the growth, with N543.56 billion in interest income, up 37.21% from N396.14 billion. Interest expenses rose by 35.60% to N217.68 billion, largely due to higher customer deposit costs. Despite this, net interest income climbed by 38.31% to N325.88 billion, as the surge in interest income outpaced the increase in expenses.

Non-interest income also saw a significant jump, rising by 96.93% to N129.68 billion. This drove total operating income up by 52.72% to N437.02 billion. Total assets grew by 46.42% to N7.43 trillion, while total liabilities increased by 77.19% to N6.45 trillion. Shareholders' equity expanded by 27.34% to N790.13 billion. Despite the impressive financial performance, the company's shares fell by 0.32% to N31.00 following the release of the financial statements on October 29, 2026.