Quarter 1 - financial statement for 2026

WEMA BANK PLC

UNAUDITED FINANCIAL STATEMENTS

Table of Contents

Page

Statement of profit or loss and other comprehensive income

1

Statement of financial position

2

Statement of changes in equity

3

Statement of Prudential Adjustments

4

Statement of cash flows

5

Notes to the financial statements

6

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

Statement of Profit or loss and other Comprehensive Income

Bank

In thousands of Nigerian Naira

3 Months

3 Months

12 Months

Notes

31-Mar-26

31-Mar-25

31-Dec-25

204,824,363

139,384,086

660,587,467

Interest income

7

179,962,597

110,083,645

575,268,918

Interest expense

(80,533,937)

(53,441,835)

(214,258,470)

Net interest income

7

99,428,660

56,641,810

361,010,448

Net impairment loss on financial assets

11

(1,437,415)

(1,818,548)

(25,685,010)

Net interest income after

impairment charge for credit losses

97,991,245

54,823,262

335,325,438

Net gain/loss on FVTPL investment securities

1,165,735

2,185,822

993,244

Net fee and commission income

8

17,392,701

25,050,990

75,545,990

Net trading income

9

5,831,263

1,502,023

8,386,750

Other income

10

472,067

561,606

392,565

24,861,766

29,300,441

85,318,549

Operating income

122,853,011

84,123,703

420,643,987

Personnel expenses

12

(18,029,346)

(12,983,821)

(70,184,778)

Depreciation and amortization

13b

(4,355,507)

(2,552,243)

(12,479,855)

Other operating expenses

13a

(27,901,653)

(27,376,310)

(116,125,782)

Profit before tax

72,566,505

41,211,329

221,853,572

Income tax expense

24

(9,433,646)

(5,357,473)

(27,395,868)

Profit for the year

63,132,859

35,853,856

194,457,704

Other comprehensive income, net of income tax Items that will not be subsequently reclassified to profit or loss

Net change in fair value of investments FVTOCI

-

-

1,059,095

-

-

1,059,095

Items that will be subsequently reclassified to profit or loss

Net change in fair value of debt instruments FVOCI

(net of tax) during the year

338,116

-

-

Accumulated fair value gain/(loss) on debt

instrument disposed (net of tax) during the year

-

-

-

Total comprehensive income for the year

63,470,975

35,853,856

195,516,799

Profit attributable to:

Equity holders of the Bank

Total comprehensive income for the year

63,132,859

35,853,856

194,457,704

63,470,975

35,853,856

195,516,799

Other comprehensive income for the year

338,116

-

1,059,095

790.32

803.20

712.80

Bank

31-Mar-26

31-Dec-25

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

Statement of financial Position

In thousands of Nigerian Naira

Notes

Cash and cash equivalents

15

1,076,802,556

940,806,710

Restricted Deposit with CBN

15b

974,023,206

919,820,095

Pledged assets

16

31,888,185

20,018,671

Investment securities:

Fair value through other comprehensive income

17a

43,049,006

15,815,126

Fair Value through profit or loss

17b

36,510,356

196,598,757

Held at amortised cost

17c

1,053,557,805

1,122,978,680

Wema funding SPV Plc

17d

1,000

1,000

Loans and advances to customers

18

1,862,790,278

1,737,932,376

Right of Use Assets

27

1,203,215

1,217,463

Property and equipment

19

86,453,587

79,683,157

Intangible assets

20

3,164,081

3,561,689

Other assets

22

49,320,796

23,413,367

Deferred tax assets

21

10,449,319

10,449,319

Total Assets

5,229,213,390

5,072,296,410

Deposits from banks

23

41,666,700

-

Deposits from customers

23

3,408,627,449

3,289,532,364

Current tax liabilities

24

46,806,757

37,373,111

Other liabilities

25

937,742,712

1,007,757,722

Provisions

25

3,633,576

3,532,476

Other borrowed funds

26

106,791,158

113,626,673

Total Liabilities

4,545,268,352 4,451,822,346

EQUITY

Share capital

28 20,059,438 20,059,438

Share premium

28 240,601,448 240,601,448

Regulatory risk reserve

28 37,200,938 37,200,938

Retained earnings

28 278,200,302 215,067,443

Additional Tier 1 capital

28 21,000,000 21,000,000

Other reserves

28 86,882,912 86,544,798

Equity attributable to equity holders of the bank

683,945,038

620,474,064

Total liabilities and equity

5,229,213,390

5,072,296,410

CONTINGENTS

616,374,500

663,742,724

Dr. (Mrs) Oluwayemisi Olorunshola

Chairman

FRC/2023/PRO/DIR/003/492710

Moruf Oseni

Managing Director/CEO

FRC/2013/NIM/00000002114

Bunmi Oladosu

Chief Financial Officer

FRC/2013/ICAN/00000002098

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

Bank

In thousands of Nigerian naira (000s)

2025

Share

Share capital

Share

AT-1 Tier1 capital

Regulatory

Statutory

AGSMEIS

Fair value

Retained

Total

capital

reserve

premium

risk reserve

reserve

reserve

reserves

earnings

equity

Balance at 1 January 2026

20,059,438

-

240,601,448

21,000,000

37,200,938

66,838,485

3,706,739

15,999,574

215,067,443

620,474,065

Profit or loss

-

-

-

-

-

63,132,859

63,132,859

Other comprehensive income

Net changes in Fair value financial instrument FVTOCI

-

-

-

-

338,116

-

338,116

-

-

-

-

-

338,116

-

338,116

Transfers within equity:

SMEIS Charge

-

-

-

Transfer to share premium

-

-

-

-

-

-

-

-

-

Regulatory risk reserve

-

-

-

Transfer to Statutory reserve

-

-

-

-

-

-

-

Transfer to Statutory reserve

-

-

-

-

-

-

-

-

-

20,059,438

-

240,601,448

21,000,000.00

37,200,938

66,838,485

3,706,739

16,337,689

278,200,302

683,945,039

-

Transactions with owners, recorded directly in equity

-

Contributions by and distributions to owners

-

Dividend Payout

-

-

AT1 capital Charge

-

-

Right Issue

-

-

-

-

Special placement

-

-

-

-

-

-

0

-

-

-

-

-

-

-

Balance at 31 March 2026

20,059,438

-

240,601,448

21,000,000

37,200,938

66,838,485

3,706,739

16,337,688

278,200,302

683,945,039

2025

Balance at 1 January 2025

10,715,089

-

56,430,821

21,000,000

10,503,742

37,669,829

1,910,121

14,940,479

103,280,800

256,450,881

Additional Capital

-

-

-

Profit or loss

-

-

-

-

-

194,457,704

194,457,704

Other comprehensive income

Net changes in Fair value financial instrument FVT

-

-

-

-

-

1,059,095

-

1,059,095

-

-

-

-

-

1,059,095

-

1,059,095

Transfers within equity:

SMEIS Charge

1,796,618

(1,796,618)

-

Regulatory risk reserve

-

-

-

-

26,697,195

-

-

-

(26,697,195)

-

Transfer to Statutory reserve

-

-

-

-

29,168,656

-

-

(29,168,656)

-

10,715,089

-

56,430,821

21,000,000

37,200,938

66,838,485

3,706,739

15,999,574

240,076,035

451,967,680

-

Transactions with owners, recorded directly in equity

-

Contributions by and distributions to owners

-

Dividend Payout

(21,430,178)

(21,430,178)

AT1 capital Charge

(3,578,413)

(3,578,413)

Right Issue

7,071,622

137,428,354

-

144,499,976

Special placement

2,272,727

46,742,273

-

49,015,000

9,344,349

-

184,170,627

-

-

-

-

-

(25,008,591)

168,506,385

Balance at 31 December 2025

20,059,438

-

240,601,448

21,000,000

37,200,938

66,838,485

3,706,739

15,999,574

215,067,443

620,474,065

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

9,433,646

27,395,868

4,355,507

12,479,855

(17,605)

29,221

(1,168)

(46,049)

(99,428,660)

(361,010,448)

(13,500)

(215,581)

1,437,415

25,685,010

(21,101,507)

(101,224,421)

(11,869,513)

287,217,184

(126,295,317)

(562,408,066)

(25,907,429)

(10,445,566)

41,666,700

(258,500,000)

160,088,401

(151,142,818)

(54,203,111)

(81,225,088)

119,095,085

765,717,101

(69,913,909)

576,286,316

11,559,400

464,274,642

-

(9,589,649)

179,962,597

575,268,918

(75,235,700)

(196,508,004)

116,286,297

833,445,908

69,420,875

(291,128,796)

(26,895,765)

(0)

13,500

215,581

(10,779,395)

(42,112,769)

138,117

307,322

(48,218)

(456,342)

(5,810)

(1,072,892)

31,843,304

(334,247,897)

-

43,550,000

(6,835,515)

(31,617,138)

-

(3,578,413)

-

49,015,000

-

144,499,976

(5,298,237)

(17,750,466)

-

(21,430,178)

(12,133,752)

162,688,781

135,995,848

661,886,791

941,008,102

281,062,823

(201,392)

(2,142,904)

1,076,802,558

940,806,710

In thousands of Nigerian Naira

Notes

Bank

31-Mar-26

31-Dec-25

Cash flows from operating activities

Profit for the year

Adjustments for:

Income tax expense

Depreciation and amortization

13b

Adjustment for transfer out of PPE now expensed

Gain on disposal of property and equipment

32(xii)

Net interest income

32(xiii)

Dividend received from equity investment

10

Impairment loss on financial assets

11

63,132,859

194,457,704

Operating cashflow before movement in working capital

Change in pledged assets

32(i)

Change in loans and advances to customers

32(ii)

Change in other assets

32(iii)

Change in deposits from banks

32(iv)

Non-pledged trading assets

32(xi)

Change in restricted deposit with CBN

32(v)

Change in deposits from customers

32(vi)

Change in other liabilities

32(vii)

Cashflow generated by operations

Income tax paid

24.2

Interest received

32(xiii)

Interest paid

32(viii)

Cash flows from investing activities

Matured investment securities

32(ix)

Acquisition of investment securities-FVTOCI

32(x)

Dividend received from equity investment

10

Acquisition of property and equipment

19

Proceeds from the sale of property and equipment

32(xii)

Right of Use Asset

27

Acquisition of intangible assets

20

Cash flows from financing activities

Proceed from borrowings

26b

Repayment of borrowings

26b

AT-1 Coupon Payment

Proceeds from private placements

Proceeds from right Issues

Interest paid on borrowings

32(viii)

Dividend paid to shareholders

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Effect of exchange rate changes on cash balances

Cash and cash equivalents at end of year

15

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

Statement of Prudential Adjustments

Bank

31-Mar-26

31-Dec-25

Prudential Provisions:

Loans and advances

95,588,419

95,588,419

Other financial assets

16,502,054

15,458,699

112,090,473

111,047,118

Impairment assessment under IFRS:

Loans and advances

12-months ECL credit

27,400,227

22,261,436

Life-time ECL Not impaired

597,517

946,350

Life-time ECL credit impaired

30,753,760

35,179,695

Investment securities

58,751,504

58,387,481

12-months ECL

11,025,302

11,042,326

Off balance sheet exposures

11,025,302

11,042,326

12-months ECL

1,600,436

1,499,336

Other financial assets

1,600,436

1,499,336

Writeback of specific impairment on other asset

Other assets

1,279,993

722,769

Cash and cash equivalent

199,161

161,129

Other non-financial assets

2,033,140

2,033,140

3,512,294

2,917,038

Total IFRS Impairment

74,889,535

73,846,180

Excess of Prudential impairment over IFRS impairment

transferred to regulatory reserve

37,200,938

37,200,938

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

In thousands of Nigerian Naira

7

Interest income

BANK

3 Months

3 Months

12 Months

31-Mar-26

31-Mar-25

31-Dec-25

Cash and cash equivalents

40,275,414

652,424

23,353,195

Loans and advances to banks and customers

96,484,342

64,339,033

348,234,809

Investments securities

43,202,841

45,092,188

203,680,914

179,962,597

110,083,645

575,268,918

Interest expense

Deposits from banks

Deposits from customers

Other borrowed funds

591,817

14,689,071

27,679,376

74,643,883

34,532,579

168,828,628

5,298,237

4,220,185

17,750,466

80,533,937

53,441,835

214,258,470

99,428,660

56,641,810

361,010,448

Total interest expense

Net interest income

Fees and commission income

Credit related fees

Account maintenance fees

Management fees

Fees on electronic products

Fees on financial guarantees

FX transactions

Other fees and charges

3 Months

3 Months

12 Months

31-Mar-26

31-Mar-25

31-Dec-25

1,061,984

784,778

3,622,110

2,998,717

2,283,832

10,469,946

3,626,640

3,536,073

12,659,287

6,102,096

12,372,883

28,855,226

750,182

1,439,916

3,858,511

1,297,480

2,472,460

9,161,955

1,555,602

2,161,048

6,918,955

17,392,701

25,050,990

75,545,990

Point in Time

Over Time

16,853,356

24,645,647

75,006,645

539,345

405,343

539,345

17,392,701

25,050,990

75,545,990

9

Net trading income

Fixed income securities

Treasury bills

Foreign exchange trading (note 9.1)

917,011

44,910

782,027

3,982,994

783,320

4,211,955

931,258

673,794

3,392,768

5,831,263

1,502,023

8,386,750

10

Other income

3 Months

3 Months

12 Months

31-Mar-26

31-Mar-25

31-Dec-25

Dividends on equities at FVOCI

13,500

12,750

215,581

Gains on disposal of property and equipment

1,168

1,833

46,049

Rental income

22,510

21,022

82,142

Income on deposit accounts

90,505

85,882

172,505

Digital Income

227,784

266,490

1,282,167

FX Revaluation

-

-

(11,934,304)

Swift transactions

9,012

82,169

1,399,212

Service charge

20,008

18,922

87,008

Others

87,579

72,537

9,042,205

472,067

561,606

392,565

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

Notes to the Financial Statements

BANK

3 Months

3 Months

12 Months

31-Mar-26

31-Mar-25

31-Dec-25

11

Impairment loss on financial/non-financial instruments

Impairment charge on financial instruments

Total impairment charge on loans and advances

1,964,717

1,043,679

30,234,916

Investment securities/Treasury bills

(17,024)

51,779

3,575,110

Cash and cash equivalent

38,032

49,543

19,577

Other assets

557,224

411,232

(2,296,808)

Impairment charge on non-financial instruments

Off balance sheet

101,101

534,333

-519,538

Recoveries on loans

(1,206,634)

(272,020)

(5,328,247)

Total impairment charge on financial/non-

financial instruments

1,437,415

1,818,548

25,685,010

12

Personnel expenses

Wages and salaries

Pension Contribution

Outsourced staff cost

13,820,837

9,170,439

53,860,199

754,250

677,970

2,834,301

3,454,258

3,135,411

13,490,278

18,029,346

12,983,821

70,184,778

13a

Other operating expenses

In thousands of Nigerian Naira

Advertising and marketing

1,129,231

967,250

6,700,382

AMCON Levy (i)

7,161,263

4,996,611

19,860,380

Auditors remuneration

90,000

65,000

230,000

Business Expenses

349,988

344,707

1,221,424

Cash movement expenses

297,207

320,064

1,249,211

Diesel Expenses

787,364

721,682

2,758,581

Directors Expenses

24,700

27,700

78,850

Directors fees

-

-

144,500

Donations and sponsorships

166,521

164,188

1,017,251

Electricity

566,873

561,590

2,435,785

General administrative expenses

1,919,683

1,816,055

5,671,118

Legal expenses

132,869

227,116

1,286,112

Insurance

214,683

135,304

752,268

NDIC Premium

3,275,089

3,112,727

9,825,271

Other premises and equipment costs

173,192

153,178

523,538

Printing and stationery

233,996

205,877

1,000,924

Other Professional fees

485,604

523,939

2,164,051

Digital Bank Professional fees (ii)

491,856

321,393

491,856

Repairs and maintenance

1,844,874

1,517,773

6,831,171

Security expenses

168,179

210,257

732,140

Service charge

5,211,777

5,000,907

28,096,441

SMS Expenses & Others

264,482

226,216

386,283

Statutory expenses

96,200

-

514,436

Technology and alternative channels

2,214,193

5,093,771

19,042,906

Transport & Communications

601,828

663,004

3,110,903

27,901,653

27,376,310

116,125,782

In thousands of Nigerian Naira

13b

Depreciation and amortization

Bank

3 Months

3 Months

12 Months

31-Mar-26

31-Mar-25

31-Dec-25

Property, plants and equipment

Right of use of assets

Intangible assets

3,871,041

2,082,734

10,490,587

81,048

82,138

379,722

403,418

387,371

1,609,546

4,355,507

2,552,243

12,479,855

3 Months

3 Months

12 Months

31-Mar-26

31-Mar-25

31-Dec-25

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

14

Earnings per share

Basic and diluted earnings per share

Basic earnings per share are calculated by dividing the profit for the year

attributable to shareholders by the weighted average number of ordinary shares

3 Months

12 Months

Pre-share reconstruction

31-Mar-26

31-Dec-25

Weighted average number of ordinary shares -

of 50k each (2024 - 50k)

31,953,131

27,280,957

31,953,131

27,280,957

Profit attributable to ordinary shareholders -basic

Profit for the year attributable to equity holders

of the Bank '000

63,132,859

194,457,704

Earnings per share -basic (Kobo)

790.32

712.80

15

Cash and cash equivalents

In thousands of Nigerian Naira

Cash and balances with banks

Unrestricted balances with central bank

Money market placements

ECL Allowance

3 Months

12 Months

31-Mar-26

31-Dec-25

251,747,595

171,878,097

992,158

1,900,977

824,261,964

767,188,765

(199,161)

(161,129)

1,076,802,556

940,806,710

Classified as:

Current

Non-current

1,076,802,556

940,806,710

-

-

1,076,802,556

940,806,710

Movement in ECL allowance

Opening balance

Charge/Write back for the year

Closing balance

161,129

141,552

38,032

19,577

199,161

161,129

15b

Restricted Deposit with CBN

16

Pledged assets - Held at amortised cost

In thousands of Nigerian Naira

Bank

3 Months

12 Months

31-Mar-26

31-Dec-25

Treasury bills

-

1,520,833

Bonds

31,888,185

18,497,838

31,888,185

20,018,671

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

Bank

31-Mar-26

31-Dec-25

17

Investment securities

1,133,117,166

1,335,392,563

Current

Non-current

160,215,154

424,312,035

972,902,012

911,080,528

17a

Investment securities measured at FVTOCI

Treasury bills

-

-

FGN Bonds

27,233,880

-

Equity (see note (i) below)

15,815,126

15,815,126

43,049,006

15,815,126

17b

Investment securities measured at FVTPL

FGN Bonds

-

2,064,200

Treasury Bills

36,510,356

194,534,557

36,510,356

196,598,757

17c

Investment securities measured at amortised cost

Treasury Bills

123,704,798

229,777,478

FGN Bonds

932,716,730

896,012,837

Other Bonds (see (ii) below)

8,161,579

8,230,691

ECL Allowance - Investments at Amortised Cost

(11,025,302)

(11,042,326)

1,053,557,805

1,122,978,680

Movement in ECL allowance

Opening balance

11,042,326

7,467,216

Charge for the year

(17,024)

3,575,110

Closing balance

11,025,302

11,042,326

(i)

Equity

Quoted Investments:

-

-

Unquoted Investments:

Unified Payment Services Limited

65,767

65,767

FMDQ

15,000

15,000

Nigeria Inter-Bank Settlement System

47,482

47,482

Fair value gain on (FVTOCI) financial assets (a)

15,686,877

15,686,877

15,815,126

15,815,126

15,815,126

15,815,126

(a)

The breakdown of fair value on FVTOCI financial assets is as follows:

Unified Payment Services Limited

2,104,078

2,104,078

FMDQ

4,946,737

4,946,737

Nigeria Inter-Bank Settlement System

8,764,311

8,764,311

Closing balance

15,815,126

15,815,126

Movement in fair value gain

Opening balance

Fair value gain for the year

Closing balance

15,686,877

14,627,781

-

1,059,096

15,686,877

15,686,877

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

(ii)

Other bonds - these are held to maturity securities for state and

corporate entities, stated at amortised cost as shown below:

Bank

31-Mar-26

31-Dec-25

I. 7YR: DANA Group Bond Series 1

Opening balance

Principal repayment during the year

Closing balance

891,692

891,692

-

-

891,692

891,692

STATE BONDS

I. EKITI State Govt Bond Tranche 11

Opening balance

Principal repayment during the year

Closing balance

358,861

431,027

8,116

(72,166)

366,977

358,861

II. OGUN State Govt Bond

Opening balance

Principal repayment during the year

Closing balance

2,896,589

4,039,948

113,348

(1,143,359)

3,009,937

2,896,589

III. LAGOS State Govt Bond

Opening balance

Principal repayment during the year

Closing balance

3,757,500

-

-

3,757,500

3,757,500

3,757,500

IV. ONDO State Govt Bond

Opening balance

Principal repayment during the year

Closing balance

1,217,740

1,686,600

(190,576)

(468,859)

1,027,165

1,217,740

Total Other Bonds

ECL

9,053,271

9,122,383

(891,692)

(891,692)

8,161,579

8,230,691

Overdrafts

190,401,250

187,912,155

Term Loans

1,706,266,423

1,587,751,862

Advances under finance lease

24,874,108

20,655,840

Gross loans and receivables

1,921,541,782

1,796,319,857

Less ECL allowances

Stage 1

Stage 2

Stage 3

(27,400,227)

(22,261,436)

(597,517)

(946,350)

(30,753,760)

(35,179,695)

(58,751,504)

(58,387,481)

1,862,790,278

1,737,932,376

31-Mar-26

Gross loans

Stage 1

Stage 2

Stage 3

Term loan

Overdrafts

Finance lease

Total

1,706,266,423

190,401,250

24,874,108

1,921,541,782

(24,345,940)

(2,684,031)

(370,257)

(27,400,227)

(597,517)

-

-

(597,517)

(24,111,924)

(6,580,171)

(61,665)

(30,753,760)

1,657,211,043

181,137,050

24,442,186

1,862,790,278

31-Dec-25

Gross loans

Stage 1

Stage 2

Stage 3

Term loan

Overdrafts

Finance lease

Total

1,587,751,862

187,912,155

20,655,840

1,796,319,857

(18,242,220)

(3,612,777)

(406,439)

(22,261,436)

(946,350)

-

-

(946,350)

(30,850,596)

(4,271,859)

(57,240)

(35,179,695)

1,537,712,696

180,027,519

20,192,161

1,737,932,376

LOANS AND ADVANCES BY STAGING

Stage 1

Stage 2

Stage 3

Bank

31-Mar-26

31-Dec-25

1,811,519,082

1,675,450,787

28,667,343

32,809,400

81,355,356

88,059,670

1,921,541,781

1,796,319,857

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

Advances

under

finance

lease

Totals

Term

Loan

Balance at 1 January 2026

7,884,636

50,039,166

463,679

58,387,481

Stage 1

3,612,777

18,242,220

406,439

22,261,436

Stage 2

-

946,350

-

946,350

Stage 3

4,271,859

30,850,596

57,240

35,179,695

Interest on impaired facilities

-

ECL allowance during the year

1,645,542

-

319,175

1,964,717

Written off in the year as uncollectible

(244,736)

(92,925)

(56,399)

(394,059)

Amounts recovered during the year

-

(918,809)

(287,825)

(1,206,634)

Balance at 31 March 2026

9,285,442

49,027,432

438,630

58,751,504

Stage 1

2,684,031

24,345,940

370,257

27,400,227

Stage 2

-

597,517

-

597,517

Stage 3

6,580,171

24,111,924

61,665

30,753,760

9,264,201

49,055,381

431,922

58,751,504

Contingent Liabilities & Commitments:

Bank

31-Mar-26

31-Dec-25

Guarantees and Indemnities

355,926,597

463,492,531

Bonds

168,601,031

93,578,605

Clean-Line Facilities& Irrevocable LCs

93,447,309

108,170,924

ECL

(1,600,436)

(1,499,336)

616,374,500

663,742,724

Movement in ECL allowance

Opening balance

1,499,336

2,018,874

Charge/write back for the year

101,101

(519,538)

Closing balance

1,600,436

1,499,336

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

19

Property and equipment

Furniture &

Motor

Computer

Work in

Land

Buildings

Office

vehicles

Equipment

Progress

Total

Equipment

3,007,349

25,615,315

23,917,167

16,767,397

52,127,187

4,808,533

126,242,947

-

5,228

3,248,040

1,308,829

1,103,427

5,113,871

10,779,395

(976)

-

-

-

-

-

(976)

-

-

(726,332)

(248,599)

(147,638)

-

(1,122,569)

Cost

Balance at 1 January 2026

Additions

Adjustments

Disposals

3,006,373

25,620,543

26,438,874

17,827,627

53,082,976

9,922,404

135,898,797

6,985,034

13,135,880

6,796,437

19,642,440

-

46,559,790

-

124,755

887,585

785,257

2,073,444

-

3,871,041

-

-

(724,454)

(117,707)

(143,460)

-

(985,621)

-

7,109,788

13,299,012

7,463,987

21,572,423

-

49,445,210

3,007,349

18,630,282

10,781,287

9,970,960

32,484,748

4,808,533

79,683,157

3,006,373

18,510,755

13,139,862

10,363,640

31,510,553

9,922,404

86,453,587

Accumulated depreciation and impairment

Balance at 1 January 2026

Charge for the year

Disposals

Balance at 31 March 2026

a. The authorised and contracted capital commitments as at the balance sheet date was nil (31 December 2025 nil)

b. There were no capitalised borrowing costs related to the acquisition of Property and equipment during the year (31 December 2025: nil)

c. All Property and equipment are non-current

Furniture &

Motor

Computer

Work in

Office

vehicles

Equipment

Progress

Total

Equipment

Land

Buildings

Cost

Balance at 1 January 2025

Additions

Disposals

2,442,029

22,250,832

17,450,320

12,246,959

27,858,211

2,577,258

84,825,609

565,320

3,371,323

6,560,151

5,052,350

24,332,350

2,231,275

42,112,769

-

(6,840)

(93,304)

(531,912)

(63,374)

-

(695,431)

3,007,349

25,615,315

23,917,167

16,767,397

52,127,187

4,808,533

126,242,947

6,532,501

10,740,327

4,413,245

14,817,290

-

36,503,363

-

455,184

2,461,902

2,695,014

4,878,486

-

10,490,587

-

(2,652)

(66,349)

(311,822)

(53,337)

-

(434,160)

Accumulated depreciation and impairment

Balance at 1 January 2025

Charge for the year

Disposals

-

6,985,034

13,135,880

6,796,437

19,642,440

-

46,559,790

2,442,029

15,718,331

6,709,993

7,833,714

13,040,921

2,577,258

48,322,246

Balance at 31 December 2025

3,007,349

18,630,282

10,781,287

9,970,960

32,484,748

4,808,533

79,683,157

a. The authorised and contracted capital commitments as at the balance sheet date was nil (31 December 2025 nil)

b. There were no capitalised borrowing costs related to the acquisition of intangible assets during the year (31 December 2025: nil)

c. All intangible assetes are non-current

Notes to the financial statements

• There were no impairment losses on any class of property and equipment

during the year (December 31, 2025: Nil)

• There were no capitalised borrowing costs related to the acquisition of

property and equipment during the year (December 31, 2025: Nil).

• All property and equipment are non-current. None of the Group's assets were

financed from borrowings, consequently no borrowing cost has been capitalized as part of asset cost.

• There were no liens or encumbrances on assets as at the year end. No assets

have been pledged as security for borrowing. (31 December 2025: Nil)

• There were no capital commitments as at year end. (31 December 2025: Nil)

In thousands of Nigerian Naira

20

Intangible assets

Bank

31-Mar-26

31-Dec-25

Cost

Cost 1 January

12,752,762

11,679,870

Additions

5,810

1,072,892

Closing Balance

12,758,572

12,752,762

Amortization and impairment losses

Cost 1 January

9,191,073

7,581,527

Amortization for the year

403,418

1,609,546

9,594,491

9,191,073

3,164,081

3,561,689

a. The intangible assets have got finite lives and are amortised over the higher

of 5 years or the contractual licensing period. No impairment losses were

b. The authorised and contracted capital commitments as at the balance

sheet date was nil (31 December 2025 nil)

c. There were no capitalised borrowing costs related to the acquisition of

intangible assets during the year (31 December 2025: nil)

d. All intangible assetes are non-current

21

Deferred tax assets and liabilities

(a)

Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

Bank

31-Mar-26

31-Dec-25

In thousands of Nigerian Naira

At 1 January

10,449,319

472,076

Write down

-

9,977,243

Closing balance

10,449,319

10,449,319

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

In thousands of Nigerian Naira

Bank

31-Mar-26

31-Dec-25

Other assets

Financial Assets

Accounts receivables

58,087

28,579

Collaterised Placement

3,594,587

3,724,739

Clearing Balance

339,718

317,173

Fraud & Burglary

273,229

294,491

AGSMEIS Investment with CBN

7,288,294

3,706,739

Receivable on E-business Channels

342,317

305,376

Non-Financial Assets

Prepayments

30,775,339

8,914,525

Stock

6,366,184

6,134,738

Others

1,563,035

709,776

50,600,788

24,136,136

Specific impairment on other assets

(1,279,993)

(722,769)

49,320,796

23,413,367

At 1 January

722,769

3,019,577

Allowance made during the year

557,224

(2,296,808)

1,279,993

722,769

Classified as:

Current

Non-current

40,366,790

13,982,168

10,233,999

10,153,968

50,600,788

24,136,136

22.1

AGSMEIS Investment with CBN

Deposit for investment in AGSMEIS represents the Wema Bank's deposit as equity investment in Agri-business/Small and Medium Enterprises Investment Scheme. As approved by the Bankers' Committee on 9th February 2017, all Deposit Money Banks are required to invest 5% of

prior period Profit After Tax as equity investment in the scheme.

23

Deposits from banks

Money market deposits

41,666,700

-

Deposits from customers

Retail customers:

Term deposits

368,811,810

354,631,065

Current deposits

78,776,866

55,390,446

Savings

510,790,649

512,375,532

Corporate customers:

Term deposits

51,416,690

227,349,862

Current deposits

1,029,526,730

1,031,287,606

Others

1,369,304,704

1,108,497,853

3,408,627,449

3,289,532,364

23b The maturity profile of customers' deposit is as follows:

Under 3 months

622,153,010

527,793,677

3 - 6months

705,269,441

561,057,497

6 - 12months

264,659,843

428,623,732

Over 12months

1,816,545,155

1,772,057,458

3,408,627,449

3,289,532,364

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

Bank

31-Mar-26

31-Dec-25

In thousands of Nigerian Naira

Taxation

24.1

Income tax expense

CIT

Development Levy

NASENI

9,433,646 31,101,057

- 6,272,054

- -

Current Income Tax expense

Deferred tax expenses

9,433,646

37,373,111

-

(9,977,243)

9,433,646

27,395,868

Bank

31-Mar-26

31-Dec-25

37,373,111

9,589,649

-

(9,589,649)

9,433,646

37,373,111

46,806,757

37,373,111

24.2

At 1 January

Payment during the year

Charge for the year

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

25

Other liabilities and Provisions

Other liabilities

Provisions

937,742,712

1,007,757,722

3,633,576

3,532,476

941,376,289

1,011,290,198

25.1

Other liabilities

In thousands of Nigerian Naira

Financial Liabilities

Bank

31-Mar-26

31-Dec-25

Account Payables

14,300,683

16,303,270

Other current liabilities (i)

639,202,204

634,347,357

Insurance Claim

125,499

81,779

Swift Payables

808,743

525,815

Western Union

3,204

3,204

Salary Suspense

7,278

2,147

Other payable

4,200,621

4,481,511

Electronic products payable

1,756,461

2,449,550

Certified cheques

2,236,180

2,489,829

Customer deposits for letters of credit

44,581,895

42,663,632

Discounting Line

43,440,435

39,205,832

Collections and settlement (ii)

135,720,052

178,208,063

Remittances

51,359,456

86,995,733

937,742,712

1,007,757,722

Classified as:

Current

Non-current

737,719,241

766,987,438

200,023,471

240,770,284

25.2

Provisions

Provision for litigation and claims

Impairment on contingents

Classified as:

Current

Non-current

937,742,712

1,007,757,722

2,033,140

2,033,140

1,600,436

1,499,336

3,633,576

3,532,476

1,600,436

1,499,336

2,033,140

2,033,140

3,633,576

3,532,476

(i)

Movement in provisions

Opening balance

3,532,476

3,150,527

Additions - Litigations and claims

-

901,487

Additions - Impairment on contingents

101,101

(519,538)

Closing balance

3,633,576

3,532,476

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

In thousands of Nigerian Naira

Bank

31-Mar-26

31-Dec-25

Other borrowed funds

CBN MSMEDF (see i below)

183,135

200,992

Other Borrowings (see ii below)

1,286,249

1,304,244

EBID (See iii below)

69,444,500

71,996,500

DBN (see iv below)

35,877,275

40,124,937

106,791,158

113,626,673

(iv)

Due to DBN intervention fund is a scheme in which the Development Bank of Nigeria (DBN) availed the Company a facility to meet the financing need of entrepreneurs in the Micro, Small and Medium Enterprises sector. The facility attracts an interest rate of 9.75 per annum for 1 year tenor.

(ii)

Other borrowings include National housing fund and Nigerian Mortgage

refinance company

(iii)

This amount represents the bank's foreign facility from EBID, this was granted to the Bank for a period of 3.5 years. It is repayable bi-annually with interest rate of 6months SOFR plus margin at 5.25%.

In thousands of Nigerian Naira

Bank

26b

Other borrowed funds

31-Mar-26

31-Dec-25

At 1 January

113,626,673

101,693,811

Additions

-

43,550,000

Payments made

(6,835,515)

(31,617,138)

Closing balance

106,791,158

113,626,673

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

27

Right of use

31-Mar-26

31-Dec-25

COST

Balance at 1 January

Additions

Expired contracts

Closing Balance

N

N

2,047,686

2,083,746

48,218

456,342

-

(492,402)

2,095,904

2,047,686

DEPRECIATION CHARGE

Balance at 1 January

Charge for the period

Expired contracts

Closing Balance

830,223

913,679

81,048

379,722

(18,581)

(463,178)

892,689

830,223

CARRYING AMOUNT

Opening balance

Closing Balance

1,217,463

1,170,067

1,203,215

1,217,463

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

BANK

31-Mar-26

31-Dec-25

In thousands of Nigerian Naira

Share capital and Reserves

(a)

The share capital comprises:

(i)

Issued and fully paid -

40,118,877,414 Ordinary shares (2025- 40,118,877,414)

shares of 50k each (2025 - 50k)

20,059,439

20,059,439

Description

31-Mar-26

Unit

Percentage

Issued Share Capital

40,118,877,414

100%

Substantial Shareholding (5% and above)

NEEMTREE LIMITED

11,933,379,851

29.75

SW8 INVESTMENT LTD

10,778,221,870

26.87

Total Substantial Shareholding

22,711,601,721

56.61

Director's Shareholdings (Direct and indirect) excluding

directors with substantial interests

Olorunshola Oluwayemisi Christianah

-

-

Oluwole Albert Ajimisinmi

4,648,096

0.01

Morufu Abiola Oseni

-

Abolanle Matel-Okoh

-

-

Bakare Olukayode Moriwiyu

1,555,723

0.00

Ibiye Asime Ekong

-

Adesegun Olusegun Oluremi

-

Adefarakan Adeyemi Obalolu

-

Tunde Mabawonku

4,014,610

0.01

Okunowo Zubiedat Bolarin Folashade.

-

Yusuf Kazaure

1,666,666

0.00

Segun Opeke

-

Yewande Zaccheaus

-

Total Directors' Shareholding

11,885,095

0.03

Other Influential Shareholding

OYO STATE

206,228,000

0.51

OGUN STATE

617,287,035

1.54

OSUN STATE

47,935,627

0.12

FOUNTAIN

539,755,062

1.35

ODUA INVEST COY

869,608,716

2.17

Other Influential Shareholding

2,280,814,440

5.69

Free Float in Units and Percentage

15,114,576,158

37.67

Total

40,118,877,414

100

b

Declaration:

Wema Bank Plc with a free float of 37.67% as at 31st march 2026, is complaint with The Nigerian Stock Exchange's free float requirements for companies listed on the Main Board.

Share Premium

At 1 January

240,601,448

56,430,821

Right issue

-

137,428,354

Special placement

-

46,742,273

Closing balance

240,601,449

240,601,448

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

(c)

Statutory reserves

Nigerian banking regulations require the Bank to make an annual appropriation to a statutory reserve. As stipulated by S.16(1) of the Banks and Other Financial Institution Act of Nigeria, an appropriation of 30% of profit after tax is made if the statutory reserve is less than paid-up share capital and 15% of profit after tax if the statutory

reserve is greater than the paid up share capital.

(d)

Fair value reserve

The fair value reserve includes the net cumulative change in the fair value of fair value through other comprehensive income investments

(e)

SMEIES Reserve

This reserve represents the aggregate amount of appropriations from profit after tax to finance equity investments in compliance with the directives issued by the Central Bank of Nigeria (CBN) through its circulars dated July 11, 2006 (amended) and April 7, 2017 respectively. The SMIEIS reserve was maintained in compliance with the Central Bank of Nigeria's requirement that all licensed banks set aside a portion of the profit after tax in a fund to be used to finance equity investments in qualifying small and medium scale enterprises. Under the terms of the guideline issued in July 2006, the contributions were 10% of profit after tax and were expected to continue after the first 5 years after which banks' contributions were to reduce to 5% of profit after tax. In April 2017, the Central Bank of Nigeria issued guidelines to govern the operations of the Agriculture/Small and Medium Enterprises Scheme (AGSMIES), which was established to support the Federal Government's efforts at promoting agricultural businesses and Small and Medium Enterprises (SMEs) as vehicles for achieving sustainable economic development and employment generation. The small and medium scale industries equity investment scheme reserves

are non-distributable.

(f)

Retained earnings

Retained earnings are the carried forward recognised income net of

expenses plus current period profit attributable to shareholders.

Bank

31-Mar-26

31-Dec-25

At 1 January

215,067,443

103,280,800

Profit or loss

63,132,859

194,457,704

AT1 capital Charge

-

(3,578,413)

Transfer to Regulatory risk reserve

-

(26,697,195)

Transfer to Statutory Reserve

-

(29,168,656)

Dividend Paid to Shareholders

-

(21,430,178)

Regulatory charge to SMEIS

-

(1,796,618)

Closing balance

278,200,302

215,067,443

Regulatory risk reserve

The regulatory risk reserve warehouses the excess of the impairment on loans and advances computed under the Nigerian GAAP based on the Central Bank of Nigeria prudential guidelines compared with the

incurred loss model used in calculating the impairment under IFRSs.

(i)

Additional Tier 1 Capital

The Bank issued a N21,000,000,000 Perpetual Fixed Rate Resettable Non-callable bonds. The instrument imposed no contractual obligation on the Bank to pay interest or to redeem the principal as those are at

the sole discretion of the Bank. The instrument has accordingly been

(j)

Other Reserves

Bank

In thousands of Nigeria Naira

31-Mar-26

31-Dec-25

Statutory Reserve

66,838,485

66,838,485

AGSMEIS Reserve

3,706,739

3,706,739

Fair Value Reserves

16,337,688

15,999,574

86,882,912

86,544,797

Consolidated and Separate Financial Statements

For the period ended 31 March, 2026

29

Contingencies

(i)

Litigation and claims

The Bank is a party to numerous legal actions arising out of its normal business operations. The Directors believe that, based on currently available information and advice of counsel, none of the outcomes that result from such proceedings will have a material adverse effect on the financial position of the Bank, either individually or in the aggregate. N2.03 billion provision has been made as at 31st March 2026. The total amount claimed against the Bank is estimated at N12.97 billion (Dec 2025: N10.90 Billion) with a counter claim in the sum of N20.18 billion from the bank (Dec 2025: N11.80).

(ii)

Contingent liabilities and commitments

In common with other banks, the Bank conducts business involving acceptances, performance bonds and indemnities. The majority of these facilities are offset by corresponding obligations of third parties. Contingent liabilities and commitments

comprise acceptances, endorsements, guarantees and letters of credit.

(iii)

Nature of instruments

(iv)

The following tables summarise the nominal principal amount of contingent

liabilities and commitments with off-balance sheet risk

Bank

Bank

Bank

In thousands of Nigerian naira

31-Mar-26

31-Dec-25

Contingent liabilities:

Guarantees and indemnities

355,926,597

463,492,531

Bonds

168,601,031

93,578,605

Clean-line facilities & irrevocable letters of credit

93,447,309

108,170,924

ECL

(1,600,436)

(1,499,336)

Closing balance

616,374,500

663,742,724