Wema Bank Plc has announced its unaudited half-year (H1) results for 2026, showcasing a significant increase in profitability. The bank reported a profit before tax of N154.5 billion for H1 2026, representing a 53.65% increase from N100.6 billion in H1 2025. This growth has reinforced the bank's position as one of Nigeria's leading financial institutions, moving into a new phase of earnings expansion.
The bank's profit after tax for H1 2026 stood at N131.3 billion, marking a 157% increase from N87.5 billion in H1 2025. Notably, this profit already represents about 67.5% of the bank's full-year 2025 earnings, indicating that Wema Bank is on track to surpass its previous profit record. This performance builds on a five-year earnings transformation that has seen profit after tax rise from N8.93 billion in 2021 to N194.48 billion in 2025.
Wema Bank's recent performance is a testament to its robust growth momentum. The bank's Basic Earning Per Share (EPS) dropped by 19.81% to N6.55 per share in H1 2026 from N8.17 per share in H1 2025. However, this decline is attributed to the enlarged share count following the 2025 rights issue and special placement, rather than weaker profit. The bank's N150 billion and N50 billion Rights Issue and special placement were crucial parts of its Central Bank of Nigeria (CBN) recapitalization strategy.
The bank's earnings expansion has been driven largely by strong balance sheet development, higher interest income, improved credit performance, and better operating efficiency. Wema Bank's interest income closed H1 2026 at N342.64 billion, representing a 43% increase over N240.12 billion reported in H1 2025. This growth in interest income has been a key driver of the bank's profitability.
Net interest income improved to N195.45 billion in H1 2026, representing an increase of 51.26% from N129.218 billion reported in H1 2025. This growth was supported by an increase in earning assets and improved asset yields. The bank's robust expansion in core lending activities has been a significant contributor to its earnings growth.
Wema Bank's strong H1 2026 performance is a reflection of its effective business strategy and ability to adapt to the changing financial landscape. The bank's growth momentum is expected to continue, driven by its focus on expanding its lending activities, improving operational efficiency, and enhancing its digital capabilities.
As Wema Bank continues to build on its growth momentum, it is well-positioned to surpass its previous profit records. The bank's commitment to delivering strong financial performance and creating value for its stakeholders has been evident in its recent results. With a compound annual growth rate of 116% in profit after tax over the past five years, Wema Bank is poised for sustained growth and success.
Key points
- Wema Bank reports a 53.65% increase in profit before tax for H1 2026, reaching N154.5 billion.
- The bank's profit after tax for H1 2026 is N131.3 billion, representing a 157% increase from H1 2025.
- Wema Bank's growth momentum is expected to continue, driven by its focus on expanding lending activities and improving operational efficiency.
