Wema Bank PlcNSENG: WEMABANK

Quarter 3 - financial statement for 2025

Oct 30, 2025 at 1:18 PM UTC · Issued by Wema Bank Plc

WEMA BANK PLC

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Table of Contents

Page

Statement of profit or loss and other comprehensive income

Statement of financial position

Statement of changes in equity

Statement of Prudential Adjustments

Statement of cash flows

Notes to the financial statements

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

	Group				Bank
3 Months 9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
30-Sep-25 30-Sep-25	30-Sep-24	31-Dec-24	30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24
154,773,139 458,508,114	289,117,037	433,434,006	154,501,892	457,701,660	288,321,371	432,337,943
156,295,371 396,950,576	229,910,438	354,633,103	156,024,124	396,144,122	229,114,772	353,537,040
(49,902,862) (161,333,276)	(124,090,930)	(177,569,260)	(49,632,838)	(160,534,885)	(123,292,525)	(176,496,617)
106,392,509 235,617,299	105,819,508	177,063,843	106,391,287	235,609,237	105,822,247	177,040,423
(10,473,496) (11,006,036)	(11,679,507)	(21,649,883)	(10,473,496)	(11,006,036)	(11,679,507)	(21,649,883)
95,919,013 224,611,263	94,140,001	155,413,960	95,917,791	224,603,201	94,142,740	155,390,540
(527,617) 1,067,219	1,518,630	2,497,076	(527,617)	1,067,219	1,518,630	2,497,076
(2,452,142) 42,927,089	38,524,584	55,576,183	(2,452,142)	42,927,089	38,524,584	55,576,183
7,821,244 10,664,526	2,728,218	3,440,533	7,821,244	10,664,526	2,728,218	3,440,533
(6,363,717) 6,898,704	16,435,167	17,287,111	(6,363,717)	6,898,704	16,435,167	17,287,111
(1,522,232) 61,557,538	59,206,599	78,800,903	(1,522,232)	61,557,538	59,206,599	78,800,903
94,396,780 286,168,801	153,346,600	234,214,863	94,395,558	286,160,739	153,349,339	234,191,443
(19,240,333) (50,329,437)	(32,469,209)	(45,475,369)	(19,240,333)	(50,329,437)	(32,469,209)	(45,475,369)
(3,135,494) (8,407,925)	(6,315,276)	(8,740,108)	(3,135,494)	(8,407,925)	(6,315,276)	(8,740,108)
(26,176,532) (80,990,510)	(53,946,399)	(77,482,216)	(26,176,532)	(80,990,510)	(53,946,399)	(77,467,218)
45,844,422 146,440,928	60,615,717	102,517,170	45,843,200	146,432,866	60,618,455	102,508,748
-		-		-		-
(5,959,616) (19,036,273)	(7,880,755)	(16,237,349)	(5,959,616)	(19,036,273)	(7,880,399)	(16,222,574)
39,884,806 127,404,656	52,734,962	86,279,821	39,883,584	127,396,593	52,738,056	86,286,174
- -		1,477,902	-	-		1,477,902
- -		1,477,902	-	-		1,477,902
profit or loss 4,514,616 5,125,005		-	4,514,616	5,125,005		(1,424)
- -		-	-	-		(48,532)

Statement of Profit or loss and other Comprehensive Income

In thousands of Nigerian Naira

Interest income Interest expense

Net interest income

Net impairment loss on financial assets

Net interest income after impairment charge for credit losses

Net gain/loss on FVTPL investment securities Net fee and commission income

Net trading income Other income

Operating income

Personnel expenses Depreciation and amortization Other operating expenses

Profit before tax Minimum Tax Income tax expense

Profit for the year

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

Items that will be subsequently reclassified to Net change in fair value of debt instruments FVOCI (net of tax) during the year

Accumulated fair value gain/(loss) on debt

instrument disposed (net of tax) during the year

-	-
4,514,616	5,125,005 1,477,902 4,514,616 5,125,005 1,477,902

Other comprehensive income for the year

Total comprehensive income for the year

44,399,421

132,529,661

52,734,962

87,757,723

44,398,199

132,521,599

52,738,056

87,764,076

Profit attributable to:

Equity holders of the Bank

Total comprehensive income for the year

39,884,806	127,404,656	52,734,962	86,279,821	39,883,584	127,396,593	52,738,056	86,286,174
44,399,421	132,529,661	52,734,962	87,757,723	44,398,199	132,521,599	52,738,056	87,764,076

693.60

738.52

328.13

483.10

693.60

738.48

328.13

483.20

Earnings per share-basic

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Group
30-Sep-25	31-Dec-24

Bank
30-Sep-25	31-Dec-24

Statement of financial Position

In thousands of Nigerian Naira Notes

Cash and cash equivalents	15	195,823,818	278,924,625	196,271,763	278,919,920
Restricted Deposit with CBN	15b	782,083,532	838,595,007	782,083,532	838,595,007
Pledged assets	16	19,872,536	307,235,855	19,872,536	307,235,855
Investment securities:
Fair value through other comprehensive income	17a	83,841,581	14,756,031	83,841,581	14,756,031
Fair Value through profit or loss	17b	53,551,719	45,455,938	53,551,719	45,455,938
Held at amortised cost	17c	1,175,243,199	840,020,678	1,166,566,349	831,849,884
Wema funding SPV Plc	17d	-	-	1,000	1,000
Loans and advances to customers	18	1,561,756,478	1,201,209,319	1,561,756,478	1,201,209,319
Right of Use Assets	27	1,316,787	1,170,067	1,316,787	1,170,067
Property and equipment	19	81,748,254	48,322,246	81,748,254	48,322,246
Intangible assets	20	3,989,510	4,098,343	3,989,510	4,098,343
Other assets	22	18,682,657	12,967,801	18,682,654	12,967,801
Deferred tax assets	21	472,076	472,076	472,076	472,076

Total Assets 3,978,382,146 3,593,227,986 3,970,154,238 3,585,053,487

Deposits from banks	23	44,503,245	258,500,000	44,503,245	258,500,000
Deposits from customers	23	2,725,355,305	2,523,815,263	2,725,355,305	2,523,815,263
Current tax liabilities	24	19,129,592	9,604,424	19,114,817	9,589,649
Other liabilities	25	531,358,082	431,868,351	531,358,085	431,853,354
Provisions	25	3,684,860	3,150,527	3,684,860	3,150,527
Other borrowed funds	26	142,330,255	109,868,074	134,095,648	101,693,813

Total Liabilities	3,466,361,338 3,336,806,639 3,458,111,960 3,328,602,606
EQUITY
Share capital	28 17,786,712 10,715,089 17,786,711 10,715,089
Share premium	28 193,859,175 56,430,821 193,859,175 56,430,821
Regulatory risk reserve	28 10,503,742 10,503,742 10,503,742 10,503,742
Retained earnings	28 209,225,745 103,251,267 209,247,214 103,280,799
Additional Tier 1 capital	28 21,000,000 21,000,000 21,000,000 21,000,000
Other reserves	28 59,645,434 54,520,428 59,645,435 54,520,429

Equity attributable to equity holders of the bank	512,020,808	256,421,347	512,042,277	256,450,880
Total liabilities and equity	3,978,382,146	3,593,227,986	3,970,154,237	3,585,053,486
CONTINGENTS	709,794,677	387,022,603	709,794,677	387,022,603

The financial statements were authorized for issue by the directors on the 29th of October 2025 and signed on its behalf by: …..

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

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Statement of changes in equity

Group
In thousands of Nigerian naira (000s)
	Share	Share	Share	AT-1 Tier1	Credit	Regulatory	Statutory	SMEIES	Fair value	Retained	Total
	Capital	reserve	premium	capital	risk reserve	risk reserve	reserve	reserve	reserves	earnings	equity
2025
Balance at 1 January 2025	10,715,089	-	56,430,821	21,000,000	-	10,503,742	37,669,829	1,910,120	14,940,479	103,251,267	256,421,347
Profit or loss	-		-		-	-	-	-		127,404,656	127,404,656

Other comprehensive income
Debt instrument at FVTOCI - Reclassified to profit or loss											-
Net changes in Fair value financial instrumen	-		-		-	-	-	-	5,125,005	-	5,125,005
Transfers within equity:
SMEIS Charge
Transfer to share premium		-	-
Regulatory risk reserve						-				-
Credit risk reserve					-	-
Transfer to Statutory reserve	-	-					-			-
	10,715,089	-	56,430,821	21,000,000	-	10,503,742	37,669,829	1,910,120	20,065,485	230,655,923	388,951,008
Transactions with owners, recorded directly in equity
Dividend Payout										(21,430,178)	(21,430,178)
AT1 capital Charge										-	-
Right Issue	7,071,622		137,428,354								144,499,976
	7,071,622	-	137,428,354	-	-	-	-	-	-	(21,430,178)	123,069,798

Balance at 30 September 2025

17,786,712

193,859,175

21,000,000

10,503,742

37,669,829

1,910,120

20,065,485

209,225,745

512,020,806

2024
Balance at 1 January 2024	6,429,078	12,858,155	8,698,230	21,000,000	-	13,628,078	24,726,903	1,910,120	13,462,577	36,585,528	139,298,669
Profit or loss	-		-		-	-	-	-		86,279,821	86,279,821
Other comprehensive income
Debt instrument at FVTOCI - Reclassified to profit or loss
Net changes in Fair value financial instrumen	-		-		-	-	-	-	1,477,902	-	1,477,902
Transfers within equity:
SMEIS Charge											-
Transfer to share premium		(12,858,155)	12,858,155
Regulatory risk reserve						(3,124,336)				3,124,336
Credit risk reserve
Transfer to Statutory reserve	-	-					12,942,926			(12,942,926)
	6,429,078	-	21,556,385	21,000,000	-	10,503,742	37,669,829	1,910,120	14,940,479	113,046,759	227,056,392

Transactions with owners, recorded directly in equity
Dividend Payout										(6,429,078)	(6,429,078)
AT1 Capital Charge										(3,366,414)	(3,366,414)
Right Issue	4,286,011		34,874,436								39,160,447
	4,286,011	-	34,874,436	-	-	-	-	-	-	(9,795,492)	29,364,955

Balance at 31 December 2024

10,715,089

56,430,821

21,000,000

10,503,742

37,669,829

1,910,120

14,940,479

103,251,267

256,421,347

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Statement of changes in equity

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 2025	10,715,089	-	56,430,821	21,000,000	10,503,742	37,669,829	1,910,121	14,940,479	103,280,799	256,450,880
Profit or loss	-		-		-	-	-		127,396,593	127,396,593

Other comprehensive income
Debt instrument at FVTOCI - Reclassified to profit or loss										-
Net changes in Fair value financial instrument FVT	-		-		-	-	-	5,125,005	-	5,125,005
Transfers within equity:
SMEIS Charge									-	-
Transfer to share premium		-	-	-	-	-	-	-	-	-
Regulatory risk reserve					-				-
Credit risk reserve					-
Transfer to Statutory reserve						-			-
10,715,089		-	56,430,821	21,000,000.00	10,503,742	37,669,830	1,910,121	20,065,485	230,677,392	388,972,479
										-
Transactions with owners, recorded directly in equity										-
Contributions by and distributions to owners										-
Dividend Payout									(21,430,178)	(21,430,178)
AT1 capital Charge									-	-
Right Issue	7,071,622		137,428,354	-						144,499,976
	7,071,622	-	137,428,354	-	-	-	-	-	(21,430,178)	123,069,797

Balance at 30 September 2025

17,786,711

193,859,175

21,000,000

10,503,742

37,669,830

1,910,121

20,065,485

209,247,214

512,042,276

2024
Balance at 1 January 2024	6,429,078	12,858,155	8,698,230	21,000,000	13,628,078	24,726,903	1,910,121	13,462,577	36,608,707	139,321,849
Profit or loss	-		-		-	-	-		86,286,174	86,286,174

Other comprehensive income
Debt instrument at FVTOCI - Reclassified to profit or loss
Net changes in Fair value financial instrument FVT	-		-		-	-	-	1,477,902	-	1,477,902
Transfers within equity:
SMEIS Charge
Transfer to share premium	(12,858,155)		12,858,155
Regulatory risk reserve		-			(3,124,336)				3,124,336
Credit risk reserve					-
Transfer to Statutory reserve						12,942,926			(12,942,926)
	6,429,078	-	21,556,385	21,000,000	10,503,742	37,669,829	1,910,121	14,940,479	113,076,291	227,085,925
										-
Transactions with owners, recorded directly in equity										-
Contributions by and distributions to owners										-
Dividend Payout									(6,429,078)	(6,429,078)
AT1 capital Charge									(3,366,414)	(3,366,414)
Right Issue	4,286,011		34,874,436						-	39,160,447
	4,286,011	-	34,874,436		-	-	-	-	(9,795,492)	29,364,955

Balance at 31 December 2024

10,715,089

56,430,821

21,000,000

10,503,742

37,669,829

1,910,121

14,940,479

103,280,799

256,450,880

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Statement of Cashflow

In thousands of Nigerian Naira

Notes

Group
30-Sep-25	31-Dec-24

Bank
30-Sep-25	31-Dec-24

Cash flows from operating activities
Profit for the year	127,404,656 86,279,821 127,396,593 86,286,174
Adjustments for:
Taxation expense
Income tax expense	19,036,273 16,237,349 19,036,273 16,222,574
Depreciation and amortization	13b 8,407,925 8,740,108 8,407,925 8,740,108
Adjustment for transfer out of PPE now expensed - 109,227 - 109,227
Gain on disposal of property and equipment	32(xi) (12,988) (471,682) (12,988) (471,682)
Net interest income	32(xii) (235,617,299) (177,063,843) (235,609,237) (177,040,423)
Dividend received from equity investment	10 (215,581) (245,681) (215,581) (245,681)
Impairment loss on financial assets	11 11,006,036 21,649,883 11,006,036 21,649,883

Operating cashflow before movement in working capital		(69,990,979)	(44,764,818)	(69,990,979)	(44,749,819)
Change in pledged assets	32(i)	287,363,319	(272,019,167)	287,363,319	(272,019,167)
Change in loans and advances to customers	32(ii)	(371,553,194)	(421,756,085)	(371,553,194)	(421,756,085)
Change in other assets	32(iii)	(5,714,856)	34,095	(5,714,853)	34,095
Change in deposits from banks	32(iv)	(213,996,755)	237,636,470	(213,996,755)	237,636,470
Change in restricted deposit with CBN	32(v)	56,511,475	(335,274,174)	56,511,475	(335,274,174)
Change in deposits from customers	32(vi)	201,540,042	663,241,726	201,540,042	663,241,727
Change in other liabilities	32(vi)	100,024,064	289,778,478	100,039,064	289,773,479

Cashflow generated by operations		(15,816,884)	116,876,526	(15,801,881)	116,886,526
Income tax paid	24.2	(9,511,104)	(1,796,732)	(9,511,104)	(1,780,725)
Interest received	32(xii)	396,950,576	354,633,103	396,144,122	353,537,040
Interest paid	32(vii)	(146,931,171)	(158,020,919)	(146,931,171)	(158,020,919)

224,691,416

311,691,978 223,899,966 310,621,922

Net cash from operating activities

Cash flows from investing activities
Disposal/Acquisition of investment securities-At Amo	32(viii)	(335,222,521)	(225,127,795)	(334,716,465)	(225,106,372)
Disposal/Acquisition of investment securities-FVTOCI	32(ix)	(63,960,545)	76,541	(63,960,545)	76,541
Change in FVTPL investments	32(x)	(8,095,781)	(45,451,269)	(8,095,781)	(45,451,269)
Dividend received from equity investment	10	215,581	245,681	215,581	245,681
Acquisition of property and equipment	19	(40,518,568)	(20,294,311)	(40,518,568)	(20,294,311)
Proceeds from the sale of property and equipment	32(xi)	162,671	941,511	162,671	941,511
Right of Use	27	(430,042)	(319,369)	(430,042)	(319,369)
Acquisition of intangible assets	20	(1,072,892)	(2,289,853)	(1,072,892)	(2,289,853)

(448,922,096)

(292,218,865) (448,416,040) (292,197,442)

Net cash used in investing activities

Cash flows from financing activities
Proceed from borrowings	26b	37,306,768	68,741,938	37,306,768	68,741,938
Repayment of borrowings	26b	(4,846,229)	(39,340,616)	(4,904,932)	(39,342,590)
AT-1 Capital Charge	27b.	-	(3,366,414)	-	(3,366,414)
Right Issues		144,499,976	39,160,447	144,499,976	39,160,447
Interest paid on borrowings	32(vii)	(14,402,105)	(19,548,341)	(13,603,714)	(18,475,698)
Dividend paid to shareholders		(21,430,178)	(6,429,078)	(21,430,178)	(6,429,078)

141,128,232

39,217,937 141,867,921 40,288,606

Net cash from financing activities

Net increase in cash and cash equivalents	(83,100,807) 58,691,050 (82,648,154) 58,713,085
Cash and cash equivalents at beginning of period	279,197,129 217,832,580 279,192,424 217,805,840
Effect of exchange rate changes on cash balances	(272,505) 2,400,995 (272,505) 2,400,995
Cash and cash equivalents at end of year	15 195,823,818 278,924,625 196,271,766 278,919,920

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Statement of Prudential Adjustments

	Group		Bank
30-Sep-25		31-Dec-24	30-Sep-25	31-Dec-24
Prudential Provisions:
Loans and advances	58,639,882	52,047,094	58,639,882	52,047,094
Other financial assets	12,691,586	8,049,453	12,691,586	8,049,453
	71,331,468	60,096,547	71,331,468	60,096,547
Impairment assessment under IFRS:
Loans and advances
12-months ECL credit	13,666,068	4,677,465	13,666,068	4,677,465
Life-time ECL Not impaired	172,329	3,803,056	172,329	3,803,056
Life-time ECL credit impaired	30,308,308	27,333,412	30,308,308	27,333,412
Investment securities	44,146,706	35,813,933	44,146,706	35,813,933
12-months ECL	8,493,186	7,467,216	8,493,186	7,467,216
Off balance sheet exposures	8,493,186	7,467,216	8,493,186	7,467,216
12-months ECL	2,553,207	2,018,874	2,553,207	2,018,874
Other financial assets	2,553,207	2,018,874	2,553,207	2,018,874
Other assets	4,377,762	3,019,577	4,377,762	3,019,577
Cash and cash equivalent	125,213	141,552	125,213	141,552
Other non-financial assets	1,131,653	1,131,653	1,131,653	1,131,653
	5,634,628	4,292,782	5,634,628	4,292,782
Total IFRS Impairment	60,827,726	49,592,805	60,827,726	49,592,805
Excess of Prudential impairment over IFRS impairment
transferred to regulatory reserve	10,503,742	10,503,742	10,503,742	10,503,742

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Notes to the Financial Statements

In thousands of Nigerian Naira
7	Interest income

	GROUP				BANK
3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24	30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24

Cash and cash equivalents	6,010,891	8,037,522	5,159,831	7,101,880	6,010,891	8,037,522	5,159,831	7,101,880
Loans and advances to banks and customers	103,429,741	244,438,582	149,283,582	233,853,561	103,429,741	244,438,582	149,283,582	233,853,561
Investments securities	46,854,739	144,474,472	75,467,025	113,677,662	46,583,492	143,668,018	74,671,359	112,581,599

156,295,371

396,950,576

229,910,438

354,633,103

156,024,124

396,144,122

229,114,772

353,537,040

Total interest income

Interest expense

Deposits from banks

Deposits from customers

Other borrowed funds

5,067,606	26,498,023	38,088,656	54,605,947	5,067,606	26,498,023	38,088,656	54,605,947
40,252,233	120,433,148	69,623,466	103,414,972	40,252,233	120,433,148	69,623,466	103,414,972
4,583,023	14,402,105	16,378,808	19,548,341	4,312,999	13,603,714	15,580,403	18,475,698

49,902,862	161,333,276	124,090,930	177,569,260	49,632,838	160,534,885	123,292,525	176,496,617
106,392,509	235,617,299	105,819,508	177,063,843	106,391,286	235,609,237	105,822,247	177,040,423

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	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24	30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24
944,456	2,547,574	1,519,300	2,047,067	944,456	2,547,574	1,519,300	2,047,067
2,630,529	7,492,124	4,859,168	7,364,299	2,630,529	7,492,124	4,859,168	7,364,299
2,760,326	9,816,298	4,566,323	8,023,680	2,760,326	9,816,298	4,566,323	8,023,680
3,487,849	24,421,870	9,381,467	14,072,949	3,487,849	24,421,870	9,381,467	14,072,949
869,441	3,130,369	1,439,999	2,596,629	869,441	3,130,369	1,439,999	2,596,629
(13,431,457)	(8,680,903)	11,898,848	15,039,792	(13,431,457)	(8,680,903)	11,898,848	15,039,792
286,714	4,199,757	4,859,479	6,431,767	286,714	4,199,757	4,859,479	6,431,767

-2,452,142

42,927,089

38,524,584

55,576,183

-2,452,142

42,927,089

38,524,584

55,576,183

Total fee and commission income

Credit related fees and commissions are fees charged to customers other than fees included in determining the effective interest rates relating to loans and advances carried at

amortized cost. These fees are accounted for in accordance with the Group's revenue accounting policy. The representation of all fees and commission recognised in the year and prior

year at a point in time and over a period of time is as shown below.

Fees on electronic products include income from electronic channels, card products and related services.

9	Net trading income

Fixed income securities

Treasury bills

Foreign exchange trading (note 9.1)

321,394	516,227	23,714	29,960	321,394	516,227	23,714	29,960
7,130,697	8,287,740	1,090,714	1,775,979	7,130,697	8,287,740	1,090,714	1,775,979
369,153	1,860,559	1,613,789	1,634,594	369,153	1,860,559	1,613,789	1,634,594

7,821,245

10,664,526

2,728,218

3,440,533

7,821,245

10,664,526

2,728,218

3,440,533

10	Other income

3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24	30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24

Dividends on equities at FVOCI	108,181	215,581	245,680	245,681	108,181	215,581	245,680	245,681
Gains on disposal of property and equipment	11,120	12,988	455,113	471,682	11,120	12,988	455,113	471,682
Rental income	19,583	59,392	41,953	60,481	19,583	59,392	41,953	60,481
Income on contingents	-	-	24,362	-	-	-	24,362	-
Income on deposit accounts	58,721	264,948	163,950	85,882	58,721	264,948	163,950	85,882
Digital Income	322,653	929,552	633,309	881,496	322,653	929,552	633,309	881,496
FX Revaluation	1,974,929	4,225,008	14,201,690	14,655,074	1,974,929	4,225,008	14,201,690	14,655,074
Swift transactions	863,702	1,067,689	294,899	379,067	863,702	1,067,689	294,899	379,067
Service charge	25,174	62,553	85,305	75,084	25,174	62,553	85,305	75,084
Others	(9,747,782)	60,993	288,905	432,665	(9,747,782)	60,993	288,905	432,665

(6,363,717)

6,898,704

16,435,167

17,287,111

(6,363,717)

6,898,704

16,435,167

17,287,111

Wema Bank Plc
Consolidated and Separate Financial Statements
For the period ended 30 September, 2025
Notes to the Financial Statements
				GROUP				BANK
		3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
		30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24	30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24
11	Impairment loss on financial/non-financial instruments
	Impairment charge on financial instruments
	Total impairment charge on loans and advances	11,648,341	12,398,636	11,933,432	17,989,339	11,648,341	12,398,636	11,933,432	17,989,339
	Investment securities/Treasury bills	82,988	1,108,958	756,141	4,311,048	82,988	1,108,958	756,141	4,311,048
	Cash and cash equivalent	-	(16,339)	19,339	29,120	-	(16,339)	19,339	29,120
	Other assets	118,676	1,476,861	79,331	2,756,569	118,676	1,476,861	79,331	2,756,569
	Impairment charge on non-financial instruments
	Off balance sheet	(201,664)	332,669	1,250,000	100,072	(201,664)	332,669	1,250,000	100,072
	Recoveries on loans	(1,174,845)	(4,294,750)	(2,358,736)	(3,536,267)	(1,174,845)	(4,294,750)	(2,358,736)	(3,536,267)
	Total impairment charge on financial/non-financial instruments	10,473,496	11,006,035	11,679,507	21,649,883	10,473,496	11,006,036	11,679,507	21,649,883

12	Personnel expenses

Wages and salaries

Pension Contribution

Outsourced staff cost

14,966,568	38,306,624	30,530,416	33,841,703	14,966,568	38,306,624	30,530,416	33,841,703
722,548	2,103,963	1,938,793	2,608,910	722,548	2,103,963	1,938,793	2,608,910
3,551,217	9,918,851	-	9,024,756	3,551,217	9,918,851	-	9,024,756

19,240,333

50,329,437

32,469,209

45,475,369

19,240,333

50,329,437

32,469,209

45,475,369

13a	Other operating expenses

3 Months	9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24	30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24

In thousands of Nigerian Naira

Advertising and marketing	1,469,146	4,092,826	4,733,029	6,843,499	1,469,146	4,092,826	4,733,029	6,843,499
AMCON Levy (i)	4,946,186	14,939,407	9,599,935	12,787,387	4,946,186	14,939,407	9,599,935	12,787,387
Auditors remuneration	75,000	215,000	135,000	205,000	75,000	215,000	135,000	190,000
Business Expenses	321,373	977,012	637,408	953,369	321,373	977,012	637,408	953,369
Cash movement expenses	272,201	941,504	615,947	840,681	272,201	941,504	615,947	840,681
Diesel Expenses	644,948	2,057,307	2,308,031	3,043,321	644,948	2,057,307	2,308,031	3,043,321
Directors Expenses	14,450	61,650	46,000	65,700	14,450	61,650	46,000	65,700
Directors fees	-	82,571	307,460	135,983	-	82,571	307,460	135,983
Donations	320,837	1,173,350	710,600	1,273,832	320,837	1,173,350	710,600	1,273,832
Electricity	519,483	1,686,279	1,127,172	1,744,764	519,483	1,686,279	1,127,172	1,744,764
General administrative expenses	2,459,841	4,931,741	4,711,432	4,957,359	2,459,841	4,931,741	4,711,432	4,957,359
Legal expenses	361,196	868,949	594,630	1,062,898	361,196	868,949	594,630	1,062,898
Insurance	249,059	622,293	659,150	695,069	249,059	622,293	659,150	695,069
NDIC Premium	2,181,599	7,475,926	6,829,039	9,157,814	2,181,599	7,475,926	6,829,039	9,157,814
Other premises and equipment costs	124,670	423,933	275,846	443,177	124,670	423,933	275,846	443,177
Printing and stationery	251,080	744,326	538,391	719,980	251,080	744,326	538,391	719,980
Other Professional fees	564,231	1,786,638	1,031,802	1,460,990	564,231	1,786,638	1,031,802	1,460,990
Digital Bank Professional fees (ii)	52,540	373,933	192,164	321,393	52,540	373,933	192,164	321,393
Repairs and maintenance	1,823,511	5,072,240	3,727,984	5,341,802	1,823,511	5,072,240	3,727,984	5,341,802
Security expenses	164,885	550,033	404,123	557,541	164,885	550,033	404,123	557,541
Service charge	7,705,144	20,034,198	11,084,483	16,461,041	7,705,144	20,034,198	11,084,483	16,461,041
SMS Expenses & Others	51,937	278,153	64,699	226,216	51,937	278,153	64,699	226,216
Statutory expenses	162,800	272,285	231,640	329,333	162,800	272,285	231,640	329,333
Technology and alternative channels	314,223	8,964,680	1,806,571	5,553,916	314,223	8,964,680	1,806,571	5,553,916
Transport & Communications	872,142	2,364,276	1,573,864	2,300,153	872,142	2,364,276	1,573,864	2,300,153

26,176,532

80,990,510

53,946,399

77,482,216

26,176,532

80,990,510

53,946,399

77,467,218

3 Months

30-Sep-25

	Group				Bank
9 Months	9 Months	12 Months	3 Months	9 Months	9 Months	12 Months
30-Sep-25	30-Sep-24	31-Dec-24	30-Sep-25	30-Sep-25	30-Sep-24	31-Dec-24

In thousands of Nigerian Naira

13b	Depreciation and amortization

Property, plants and equipment

Right of use of assets

Intangible assets

2,637,946	6,942,878	5,238,437	7,265,133	2,637,946	6,942,878	5,238,437	7,265,133
92,378	283,322	252,544	294,863	92,378	283,322	252,544	294,863
405,169	1,181,725	824,295	1,180,112	405,169	1,181,725	824,295	1,180,112

3,135,494

8,407,925

6,315,276

8,740,108

3,135,494

8,407,925

6,315,276

8,740,108

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Notes to the Financial Statements

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 in issue

during the year.

The calculation of basic earnings per share as at 30th September 2025 was based on the profit attributable to ordinary shareholders and weighted average number of ordinary shares outstanding:

	9 Months	12 Months	9 Months	12 Months
Pre-share reconstruction	30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
Weighted average number of ordinary shares -
of 50k each (2024 - 50k)	23,001,650	17,858,502	23,001,650	17,858,502
	23,001,650	17,858,502	23,001,650	17,858,502
Profit attributable to ordinary shareholders -basic
Profit for the year attributable to equity holders
of the Bank '000	127,404,656	86,279,821	127,396,593	86,286,174
Earnings per share -basic (Kobo)	738.52	483.10	738.48	483.20

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

Group
9 Months	12 Months	9 Months	12 Months
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
78,450,263	168,224,454	78,898,208	168,219,749
3,422,247	3,279,715	3,422,247	3,279,715
114,076,521	107,562,008	114,076,521	107,562,008
(125,213)	(141,552)	(125,213)	(141,552)

195,823,818

278,924,625

196,271,763

278,919,920

Classified as:

Current

Non-current

195,823,818	278,924,625	196,271,763	278,919,920
-	-	-	-
195,823,818	278,924,625	196,271,763	278,919,920

Movement in ECL allowance

Opening balance

Charge/Write back for the year

Closing balance

141,552	112,432	141,552	112,432
(16,339)	29,120	(16,339)	29,120
125,213	141,552	125,213	141,552

15b	Restricted Deposit with CBN

Mandatory reserve deposit is reported net of N21.63 billion (December 31, 2024: N27.67 billion) which relates to Differentiated Cash Reserve Requirement (DCRR) Scheme. Under the DCRR scheme, Deposit Money Banks (DMBs) interested in providing credit financing to Greenfield (New) and Brownfield (expansion) projects in the Real Sector (Agriculture and Manufacturing) may request for the release of funds from their CRR to finance the projects.

Restricted deposits with Central Bank are not available for use in day to day operations.

16	Pledged assets - Held at amortised cost
	In thousands of Nigerian Naira

Group		Bank
9 Months	12 Months	9 Months	12 Months
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

Treasury bills	1,449,370	190,846,328	1,449,370 190,846,328
Bonds	18,423,166	116,389,527	18,423,166 116,389,527

19,872,536

307,235,855

19,872,536

307,235,855

The assets pledged as collateral include assets pledged to third parties under secured borrowing with the related liability disclosed in Note 26 and other clearing activities with the clearing bank. The pledges have been made in the normal course of business. In the event of default, the pledgee has the right to realise the pledged assets

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

Notes to the Financial Statements

In thousands of Nigerian Naira

17	Investment securities

1,312,636,499

900,232,647

1,303,959,649

892,061,853

Current

Non-current

381,295,729	155,568,401	381,295,729	155,568,401
931,340,770	744,664,246	922,663,920	736,493,453

17a	Investment securities measured at FVTOCI
	Treasury bills	67,069,300	-	67,069,300	-
	FGN Bonds	2,016,250	-	2,016,250	-
	Equity (see note (i) below)	14,756,031	14,756,031	14,756,031	14,756,031

83,841,581

14,756,031

83,841,581

14,756,031

17b	Investment securities measured at FVTPL
	Treasury Bills	53,551,719	45,455,938	53,551,719	45,455,938

53,551,719

45,455,938

53,551,719

45,455,938

17c	Investment securities measured at amortised cost
	Treasury Bills	260,674,710	110,112,462	260,674,710	110,112,462
	FGN Bonds	917,591,239	731,217,857	908,914,389	723,047,063
	Other Bonds (see (ii) below)	5,470,436	6,157,575	5,470,436	6,157,575
	ECL Allowance - Investments at Amortised Cost	(8,493,186)	(7,467,216)	(8,493,186)	(7,467,216)
		1,175,243,199	840,020,678	1,166,566,349	831,849,884
	Movement in ECL allowance
	Opening balance	7,467,216	3,156,168	7,467,216	3,156,168
	Charge for the year	1,025,970	4,311,048	1,025,970	4,311,048
	Closing balance	8,493,186	7,467,216	8,493,186	7,467,216

(i)	Equity
	Unquoted Investments:
	Unified Payment Services Limited	65,767	65,767	65,767	65,767
	FMDQ	15,000	15,000	15,000	15,000
	Nigeria Inter-Bank Settlement System	47,482	47,482	47,482	47,482
	Fair value gain on (FVTOCI) financial assets (a)	14,627,781	14,627,781	14,627,781	14,627,781

14,756,031	14,756,031	14,756,031	14,756,031
14,756,031	14,756,031	14,756,031	14,756,031

(a)	The breakdown of fair value on FVTOCI financial assets is as follows:
	Unified Payment Services Limited	1,858,017	1,858,017	1,858,017	1,858,017
	FMDQ	2,940,661	2,940,661	2,940,661	2,940,661
	Nigeria Inter-Bank Settlement System	9,957,353	9,957,353	9,957,353	9,957,353
	Closing balance	14,756,031	14,756,031	14,756,031	14,756,031

Movement in fair value gain

Opening balance

Fair value gain for the year

Closing balance

14,627,781	13,149,879	14,627,781	13,149,879
-	1,477,902	-	1,477,902
14,627,781	14,627,781	14,627,781	14,627,781

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Notes to the Financial Statements

(ii)	Other bonds - these are held to maturity securities for state and corporate entities, stated at amortised cost as shown below:

Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

I. 7YR: DANA Group Bond Series 1
Opening balance	891,692 929,145 891,692 929,145
Principal repayment during the year	- (37,453) - (37,453)
Closing balance	891,692 891,692 891,692 891,692

STATE BONDS
I. EKITI State Govt Bond Tranche 11
Opening balance	431,027 574,502 431,027 574,502
Principal repayment during the year	16,808 (143,475) 16,808 (143,475)
Closing balance	447,836 431,027 447,836 431,027

II. OGUN State Govt Bond
Opening balance	4,039,948 5,016,339 4,039,948 5,016,339
Principal repayment during the year	(412,173) (976,390) (412,173) (976,390)
Closing balance	3,627,775 4,039,948 3,627,775 4,039,948

III. ONDO State Govt Bond
Opening balance	1,686,600 2,294,875 1,686,600 2,294,875
Principal repayment during the year	(291,775) (608,275) (291,775) (608,275)
Closing balance	1,394,825 1,686,600 1,394,825 1,686,600

Total Other Bonds	6,362,128	7,049,267	6,362,128	7,049,267
ECL	(891,692)	(891,692)	(891,692)	(891,692)
	5,470,436	6,157,575	5,470,436	6,157,575
18	Loans and advances to customers at amortised cost Group		Bank
	30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
	In thousands of Nigeria Naira
Overdrafts	146,905,699	103,038,947	146,905,699	103,038,947
Term Loans	1,443,645,855	1,125,693,131	1,443,645,855	1,125,693,131
Advances under finance lease	15,351,629	8,291,174	15,351,629	8,291,174
Gross loans and receivables	1,605,903,183	1,237,023,252	1,605,903,183	1,237,023,252
Less ECL allowances
Stage 1	(13,666,068)	(4,677,465)	(13,666,068)	(4,677,465)
Stage 2	(172,329)	(3,803,056)	(172,329)	(3,803,056)
Stage 3	(30,308,308)	(27,333,412)	(30,308,308)	(27,333,412)
	(44,146,706)	(35,813,933)	(44,146,706)	(35,813,933)
Net loans and advances to
customers	1,561,756,478	1,201,209,319	1,561,756,478	1,201,209,319
30-Sep-25	Term loan	Overdrafts	Finance lease	Total
Gross loans	1,443,645,855	146,905,699	15,351,629	1,605,903,183
Stage 1	(12,379,065)	(936,450)	(350,553)	(13,666,068)
Stage 2	(172,329)	-	0	(172,329)
Stage 3	(21,225,983)	(9,021,827)	(60,498)	(30,308,308)
	1,409,868,477	136,947,422	14,940,579	1,561,756,478

31-Dec-24

Gross loans

Stage 1

Stage 2

Stage 3

Term loan	Overdrafts	Finance lease	Total
1,125,693,131	103,038,947	8,291,174	1,237,023,252
(3,134,482)	(1,214,982)	(328,001)	(4,677,465)
(3,785,316)	(17,740)	0	(3,803,056)
(17,257,526)	(10,003,004)	(72,882)	(27,333,412)
1,101,515,807	91,803,221	7,890,291	1,201,209,319

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Advances
under
finance
lease	Totals

Notes to the Financial Statements

Term

Loan

Overdraft In thousands of Nigerian Naira

Balance at 1 January 2025	11,235,726	24,177,324	400,883	35,813,933
Stage 1	1,214,982	3,134,482	328,001	4,677,465
Stage 2	17,740	3,785,316	(0)	3,803,056
Stage 3	10,003,004	17,257,526	72,882	27,333,412

Interest on impaired facilities	788,187	1,745,047	-	2,533,234
ECL allowance during the year	3,351,423	9,047,213	-	12,398,636
Written off in the year as uncollectible	(1,871,565)	(432,782)	-	(2,304,347)

Amounts recovered during the year

(3,545,492)

(759,424)

10,167

(4,294,750)

Balance at 30 September 2025	9,958,278	33,777,378	411,050	44,146,706
Stage 1	936,450	12,379,065	350,553	13,666,068
Stage 2	-	172,329	(0)	172,329
Stage 3	9,021,827	21,225,983	60,498	30,308,308

Contingent Liabilities & Commitments:
Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

Guarantees and Indemnities	493,685,700	273,184,509	493,685,700	273,184,509
Bonds	101,223,893	51,190,952	101,223,893	51,190,952
Clean-Line Facilities& Irrevocable LCs	117,438,292	64,666,017	117,438,292	64,666,017
ECL	(2,553,207)	(2,018,874)	(2,553,207)	(2,018,874)

709,794,677

387,022,603

709,794,677

387,022,603

Movement in ECL allowance
Opening balance	2,018,874	1,918,802	2,018,874	1,918,802
Charge/write back for the year	534,333	100,072	534,333	100,072
Closing balance	2,553,207	2,018,874	2,553,207	2,018,874

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

19	Property and equipment

Furniture &	Motor	Computer	Work in
Office	vehicles	Equipment	Progress	Total
Equipment

Group / Bank

Land

Buildings

In thousands of Nigerian Naira (000s)

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	84,825,608
565,320	1,284,284	4,881,838	4,441,700	12,128,427	17,216,999	40,518,568
-	-	(482)	(351,336)	(12,583)	-	(364,401)

3,007,348	23,535,116	22,331,676	16,337,323	39,974,055	19,794,257	124,979,775
	6,532,501	10,740,327	4,413,245	14,817,290	-	36,503,362
-	334,549	1,712,429	1,916,602	2,979,297	-	6,942,878
-		(56)	(207,986)	(6,676)	-	(214,718)
-	6,867,050	12,452,700	6,121,861	17,789,911	-	43,231,521
2,442,029	15,718,331	6,709,993	7,833,714	13,040,921	2,577,258	48,322,246
3,007,348	16,668,066	9,878,976	10,215,462	22,184,144	19,794,257	81,748,254

Balance at 30 September 2025

Accumulated depreciation and impairment

Balance at 1 January 2025

Charge for the year

Disposals

Balance at 30 September 2025

Carrying amounts Balance at 1 January 2025

Balance at 30 September 2025

a. The authorised and contracted capital commitments as at the balance sheet date was nil (31 December 2024 nil)

b. There were no capitalised borrowing costs related to the acquisition of Property and equipment during the year (31 December 2024: nil)

c. All Property and equipment are non-current

Furniture &	Motor	Computer	Work in
Office	vehicles	Equipment	Progress	Total
Equipment

Land

Buildings

Property and equipment Group / Bank

In thousands of Nigerian Naira (000s)

Cost

Balance at 1 January 2024

Additions

Disposals

1,780,967	19,431,358	13,526,276	7,609,834	20,105,637	3,375,541	65,829,613
565,320	726,130	2,430,028	3,956,213	1,397,068	26,532,228	20,294,311
(144)	(12,960)	(482)	(184,980)	(8,812)	-	(1,298,315)

2,442,029	22,250,832	17,450,320	12,246,959	27,858,211	2,577,258	84,825,608
	6,145,125	9,260,392	2,791,038	11,870,161	-	30,066,716
-	391,940	1,626,875	1,955,941	3,290,377	-	7,265,133
-	(4,564)	(146,940)	(333,733)	(343,249)	-	(828,487)
						-
-	6,532,501	10,740,327	4,413,245	14,817,290	-	36,503,362

Balance at 31 December 2024

Accumulated depreciation and impairment

Balance at 1 January 2024

Charge for the year

Disposals

Balance at 31 December 2024

1,780,967

13,286,233

4,265,884

4,818,796

8,235,477

3,375,541

35,762,897

Carrying amounts Balance at 1 January 2024

Balance at 31 December 2024

2,442,029

15,718,331

6,709,993

7,833,714

13,040,921

2,577,258

48,322,246

a. The authorised and contracted capital commitments as at the balance sheet date was nil (31 December 2023 nil)

b. There were no capitalised borrowing costs related to the acquisition of intangible assets during the year (31 December 2023: 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, 2024: Nil)

There were no capitalised borrowing costs related to the acquisition of property and equipment during the year

(December 31, 2024: 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 2024: Nil)

There were no capital commitments as at year end. (31 December 2024: Nil)

Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

In thousands of Nigerian Naira

20	Intangible assets

Cost
Cost 1 January	11,679,870	9,390,017	11,679,870	9,390,017
Additions	1,072,892	2,289,853	1,072,892	2,289,853
Disposal	-	-	-	-

12,752,762

11,679,870

12,752,762

11,679,870

Closing Balance

Amortization and impairment losses
Cost 1 January	7,581,527	6,401,415	7,581,527	6,401,415
Amortization for the year	1,181,725	1,180,112	1,181,725	1,180,112
Disposal	-	-	-	-

8,763,252

7,581,527

8,763,252

7,581,527

3,989,510

4,098,343

3,989,510

4,098,343

Closing Balance Carrying amounts

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 recognised against intangible assets.

b. The authorised and contracted capital commitments as at the balance sheet date was nil (31 December 2024 nil)

c. There were no capitalised borrowing costs related to the acquisition of intangible assets during the year (31 December 2024: 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:

Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

In thousands of Nigerian Naira

At 1 January	472,076	7,105,000	472,076	7,105,000
Write down	-	(6,632,925)	-	(6,632,925)

472,076

Closing balance

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

In thousands of Nigerian Naira	Group		Bank
	30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
Other assets
Financial Assets
Accounts receivables	1,740,420	2,742,529	1,740,420	2,742,529
Collaterised Placement	3,812,676	53,354	3,812,674	53,354
Clearing Balance	304,607	346,968	304,607	346,968
Fraud & Burglary	308,259	261,037	308,259	261,037
AGSMEIS Investment with CBN	3,706,739	1,910,121	3,706,739	1,910,121
Receivable on E-business Channels	334,200	3,632,888	334,200	3,632,888
FBN Settlement	-	5,374	-	5,374
Non-Financial Assets
Prepayments	6,034,963	1,636,952	6,034,963	1,636,952
Stock	5,721,439	4,780,380	5,721,439	4,780,380
Others	1,097,113	617,775	1,097,113	617,775
	23,060,418	15,987,378	23,060,415	15,987,378
Specific impairment on other assets	(4,377,762)	(3,019,577)	(4,377,762)	(3,019,577)
	18,682,657	12,967,801	18,682,654	12,967,801
At 1 January	3,019,577	263,008	3,019,577	263,008
Allowance made during the year	1,358,185	2,756,569	1,358,185	2,756,569
Write off made during the year	-	-	-	-

4,377,762

3,019,577

4,377,762

3,019,577

Closing balance

Classified as:

Current

Non-current

18,939,483	15,672,989	13,218,043	10,892,608
4,120,935	314,390	9,842,372	5,094,771

23,060,418

15,987,378

23,060,415

15,987,378

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

Group Bank

30-Sep-25 31-Dec-24 30-Sep-25 31-Dec-24

In thousands of Nigeria Naira

Money market deposits 44,503,245 258,500,000 44,503,245 258,500,000

Deposits from customers

Retail customers:
Term deposits	314,484,690	318,165,040	314,484,690	318,165,040
Current deposits	49,831,310	42,881,476	49,831,310	42,881,476
Savings	472,902,218	425,702,984	472,902,218	425,702,984
Corporate customers:
Term deposits	283,462,848	214,111,111	283,462,848	214,111,111
Current deposits	985,695,142	858,548,276	985,695,142	858,548,276
Others	618,979,097	664,406,376	618,979,097	664,406,376

	2,725,355,305	2,523,815,263	2,725,355,305	2,523,815,263
23b The maturity profile of customers' deposit is as follows:
Under 3 months	428,832,877	430,819,270	428,832,877	430,819,270
3 - 6months	476,819,518	417,876,717	476,819,518	417,876,717
6 - 12months	130,857,066	179,612,760	130,857,066	179,612,760
Over 12months	1,688,845,843	1,495,506,516	1,688,845,843	1,495,506,516

2,725,355,305

2,523,815,263

2,725,355,305

2,523,815,263

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Group
30-Sep-25	31-Dec-24

Bank
30-Sep-25	31-Dec-24

In thousands of Nigerian Naira

Taxation

24.1	Income tax expense
	CIT	19,036,273	4,412,328	19,036,273	4,397,626
	Company income tax:
	Education Tax	-	1,298,880	-	1,298,880
	NITDA Levy	-	1,015,011	-	1,014,938
	Nigerian Police Trust Fund	-	5,126	-	5,125
	Windfall levy	-	2,616,808	-	2,616,808
	NASENI	-	256,272	-	256,272

Current Income Tax expense

Deferred tax expenses

19,036,273	9,604,424	19,036,273	9,589,649
-	6,632,925	-	6,632,925
19,036,273	16,237,349	19,036,273	16,222,574

Current tax liabilities	Group		Bank
	30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
At 1 January	9,604,424	1,796,732	9,589,649	1,780,725
Payment during the year	(9,511,104)	(1,796,732)	(9,511,104)	(1,780,725)
Charge for the year	19,036,273	9,604,424	19,036,273	9,589,649
Closing balance	19,129,592	9,604,424	19,114,817	9,589,649
The charge for taxation is based on the

24.2

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Other liabilities and Provisions

Other liabilities

Provisions

531,358,082	431,868,351	531,358,085	431,853,354
3,684,860	3,150,527	3,684,860	3,150,527
535,042,942	435,018,878	535,042,945	435,003,881

25.1	Other liabilities

In thousands of Nigerian Naira

Financial Liabilities

Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

Account Payables	5,464,769	5,333,593	5,464,769	5,333,593
Other current liabilities (i)	310,366,830	252,136,737	310,366,834	252,121,740
Insurance Claim	83,477	67,531	83,477	67,531
Swift Payables	705,019	863,122	705,019	863,122
Western Union	3,204	3,204	3,204	3,204
Salary Suspense	88,579	10,299	88,579	10,299
Other payable	5,665,831	3,848,241	5,665,831	3,848,241
Electronic products payable	1,545,950	2,148,430	1,545,950	2,148,430
Certified cheques	2,135,918	2,301,687	2,135,918	2,301,687
Customer deposits for letters of credit	29,100,423	67,752,609	29,100,423	67,752,609
Discounting Line	50,874,025	14,750,289	50,874,025	14,750,289
Collections and settlement (ii)	79,886,748	45,919,482	79,886,748	45,919,482
Remittances	45,437,309	36,733,127	45,437,309	36,733,127
	531,358,082	431,868,351	531,358,085	431,853,354

Classified as:

Current

Non-current

387,247,314	359,647,526	387,247,317	359,632,530
144,110,768	72,220,824	144,110,768	72,220,824

25.2	Provisions
	Provision for litigation and claims
	Impairment on contingents
	Classified as:
	Current
	Non-current

531,358,082	431,868,351	531,358,085	431,853,354
1,131,653	1,131,653	1,131,653	1,131,653
2,553,207	2,018,874	2,553,207	2,018,874
3,684,860	3,150,527	3,684,860	3,150,527
2,553,207	2,018,874	2,553,207	2,018,874
1,131,653	1,131,653	1,131,653	1,131,653

3,684,860

3,150,527

3,684,860

3,150,527

(i)	Movement in provisions

Opening balance	3,150,527	2,609,348	3,150,527	2,609,348
Additions - Litigations and claims	-	100,072	-	100,072
Additions - Impairment on contingents	534,333	441,107	534,333	441,107
Closing balance	3,684,860	3,150,527	3,684,860	3,150,527

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

In thousands of Nigerian Naira	Group		Bank
	30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
Other borrowed funds
Due to BOI (see (i) below)	129,247	773,754	129,247	773,754
Osun Bailout Fund (see xii below)	7,258,861	-	7,258,861	-
CBN CACS (see ii below)	179,725	532,358	179,725	532,358
CBN MSMEDF (see iv below)	218,849	272,421	218,849	272,421
Wema SPV Bond (see v below)	26,717,641	18,323,308	18,483,037	10,149,047
Other Borrowings (see x below)	1,321,282	1,371,229	1,321,282	1,371,229
EBID (See xi below)	73,972,000	77,450,000	73,972,000	77,450,000
DBN (see ix below)	32,532,647	7,161,861	32,532,647	7,161,861
	142,330,255	109,868,074	134,095,648	101,693,813
The amount represents an intervention credit granted to the Bank by the Bank of Industry (BOI), a company incorporated in Nigeria for the purpose of refinancing or restructuring existing loans to Small and Medium Scale Enterprises (SMEs) and manufacturing companies. The total facilities are secured by Nigerian Government Securities worth N2,634,492,000 and have a maximum tenor of 15 years.
A management fee of 1% deductible at source is paid by the Bank under the on-lending agreement and the Bank is under obligation to on-lend to customers at an all-in interest rate of 7% per annum. Though the facility is meant for on-lending to borrowers in specified sectors, the Bank remains the primary obligor to the BOI and therefore assumes the risk of default of customers.

(i)

(ii)

Amount represents intervention funds for the production of agro-commodities for offtake market from Central Bank of Nigeria. The fund is at the rate of 9% and for a maximum of 18 months. There is a moratorium of 12 months and 6 months for cassava and cocoa respectively. In response to COVID-19, CBN moderated the rate to 5%, however, the rate has been restored to 9% effective September 2022.

(iii)

Anchor Borrowers' fund is an initiative of the Central Bank of Nigeria broadly aimed to create economic linkages between small holder farmers and reputable anchor companies involved in the production and processing of key agricultural commodities with a view to increase agricultural output, reduce food import bills and create jobs. The tenor of the facility depends on the gestation period of the targeted commodity but not exceeding 2 years. The facility is disbursed at an all-inclusive interest rate of 9%.

(iv)

This represents CBN intervention funds to some bank's customers in Small & Medium Scale sector. The fund is administered at a maximum interest rate of 9% per annum and maximum tenor of 5 years. In response to COVID-19, CBN moderated the rate to 5%, however, the rate has been restored to 9% effective September

2022.

(v)

The Wema SPV of Sept 2025: N18.483 billion (2024: N18.318 billion) represents amortized cost of the fixed rate unsecured bond issued by Wema Funding SPV Plc. The outstanding bond of N17,675,000,000 (principal) was issued on 12 October 2018 for a period of 7 years at 16.5% per annum with interest payable semi-

annually and principal payable at maturity in October 2025 respectively.

(vi)	This amount represents the bank's foreign facility from Shelter Afrique, this was granted to the Bank for a period of 4 years. It is repayable bi-annually with interest rate of L+6.5% (Libor plus 5.03%)

(vii)

This amount represents the bank's foreign facility from AFDB, this was granted to the Bank for a period of 7

years. It is repayable bi-annually with interest rate of L+5.2% (Libor plus 5.2%)

(ix)	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.

(x)	Other borrowings include National housing fund and Nigerian Mortgage refinance company

(xi)	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%.

(xii)

Amount represents salary credit bail out facility to osun state government from Central Bank of Nigeria at bank's interest rate of 9%. The corresponding entry is in loans and advances and the bank is expected to provide Central Bank of Nigeria with periodic progress on the facility. In response to COVID-19, CBN

moderated the rate to 5%, however, the rate has been restored to 9% effective September 2022.

In thousands of Nigerian Naira

26b	Other borrowed funds
	At 1 January
	Additions
	Payments made
	Closing balance

Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
109,868,072	80,466,750	101,693,811	72,294,463
37,306,768	68,741,938	37,306,768	68,741,938
(4,846,229)	(39,340,616)	(4,904,932)	(39,342,590)
142,328,612	109,868,072	134,095,648	101,693,811

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

27	Right of use

The Bank leases several assets which includes buildings for commercial and residential purposes. The average lease term is 5years.

30-Sep-25

31-Dec-24

COST

Balance at 1 January

Additions

Expired contracts

Closing Balance

N	N
2,083,746	2,505,171
430,042	319,369
	(740,795)
2,513,788	2,083,746

27b.	LEASE LIABILITY

30-Sep-25	31-Dec-24
N	N
-	45,952
-	(45,952)
-	-

Balance at 1 January

Finance charge for the year

Closing Balance

27a.

DEPRECIATION CHARGE

Balance at 1 January

Charge for the period

Expired contracts

Closing Balance

913,679	1,250,384
283,322	294,863
	(670,265)
1,197,001	913,679

CARRYING AMOUNT

Opening balance

Closing Balance

1,170,067	1,254,787
1,316,787	1,170,067

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

In thousands of Nigerian Naira

Share capital and Reserves

(a)	The share capital comprises:
(i)	Issued and fully paid -
	35,573,422,872 Ordinary shares (2024- 21,430,178,125)
	shares of 50k each (2024 - 50k)	17,786,711	10,715,089	17,786,711	10,715,089

(ii) FREE FLOAT COMPUTATION

Company Name: WEMA BANK

Reporting Period 30-Sep-25

Share Price at end of Reporting Period

Issued Share Capital 35,573,422,872

Share Capital (N) 17,786,711,436

Shareholding Structure/ Free Float Status

Description	30-Sep-25
Description	Unit	Percentage
Issued Share Capital	35,573,422,872	100%
Substantial Shareholding (5% and above)
NEEMTREE LIMITED	10,536,504,245	29.62
SW8 INVESTMENT LTD	9,192,733,021	25.84
FIDESCORE LIMITED	1,945,338,104	5.47
PETROTRAB LIMITED	1,525,960,576	4.29
Total Substantial Shareholding	23,200,535,946	65.22
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	0.58
OGUN STATE	617,287,035	1.74
OSUN STATE	549,641,227	1.55
FOUNTAIN	540,378,357	1.52
ODUA INVEST COY	785,766,820	2.21
Other Influential Shareholding	2,699,301,439	7.59
Free Float in Units and Percentage	9,661,700,392	27.16
Total	35,573,422,872	100

b	Declaration:
	Wema Bank Plc with a free float of 27.16% as at 30th Sept 2025, is complaint with The Nigerian Stock Exchange's free float requirements for companies listed on the Main Board.
	Share Premium
	At 1 January	56,430,821	56,430,821	56,430,821	56,430,821
	Right issue	137,428,354	-	137,428,354	-

Closing balance

193,859,175

56,430,821

193,859,175

56,430,821

Share premium is the excess paid by shareholders over the nominal value for their shares

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

(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 until the investment is derecognised or impaired.

(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.

Group		Bank
30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24

At 1 January	103,251,267	36,585,528	103,280,799	36,608,707
Profit or loss	127,404,656	86,279,821	127,396,593	86,286,174
AT1 capital Charge	-	(3,366,414)	-	(3,366,414)
Transfer to Regulatory risk reserve	-	3,124,336	-	3,124,336
Transfer to Statutory Reserve	-	(12,942,926)	-	(12,942,926)
Dividend Paid to Shareholders	(21,430,178)	(6,429,078)	(21,430,178)	(6,429,078)
Closing balance	209,225,745	103,251,267	209,247,214	103,280,799
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.

In thousands of Nigeria Naira

(g)

(j)	Other Reserves
		Group		Bank
	In thousands of Nigeria Naira	30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
	Share Reserve	-	-	-	-
	Statutory Reserve	37,669,829	37,669,829	37,669,830	37,669,829
	AGSMEIS Reserve	1,910,120	1,910,120	1,910,121	1,910,121
	Fair Value Reserves	20,065,485	14,940,479	20,065,485	14,940,479
		59,645,434	54,520,428	59,645,435	54,520,429

Wema Bank Plc

Consolidated and Separate Financial Statements

For the period ended 30 September, 2025

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. N1.13 billion provision has been made as at 30th September 2025. The total amount claimed against the Bank is estimated at N11.06 billion (Dec 2024: N9.622 Billion) with a counter claim in the sum of N11.80 billion from

the bank (Dec 2024: N16.98).

(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

An acceptance is an undertaking by a bank to pay a bill of exchange drawn on a customer. The Bank expects most acceptances to be presented, but reimbursement by the customer is normally immediate. Endorsements are residual liabilities of the Bank in respect of bills of exchange, which have been paid and subsequently rediscounted.

Guarantees and letters of credit are given as security to support the performance of a customer to third parties. As the Bank will only be required to meet these obligations in the event of the customer's default, the cash requirements of these instruments are expected to be considerably below their nominal amounts.

Other contingent liabilities include performance bonds and are, generally, short-term commitments to third parties

which are not directly dependent on the customers' credit worthiness.

Commitments to lend are agreements to lend to a customer in the future, subject to certain conditions. Such commitments are either made for a fixed period, or have no specific maturity but are cancellable by the lender subject to notice requirements.

Documentary credits commit the Bank to make payments to third parties, on production of documents, which are usually reimbursed immediately by customers.

(iv)	The following tables summarise the nominal principal amount of contingent liabilities and commitments with off- balance sheet risk

Group			Bank
	Group	Group	Bank	Bank
In thousands of Nigerian naira	30-Sep-25	31-Dec-24	30-Sep-25	31-Dec-24
Contingent liabilities:
Guarantees and indemnities	493,685,700	273,184,509	493,685,700	273,184,509
Bonds	101,223,893	51,190,952	101,223,893	51,190,952
Clean-line facilities & irrevocable letters of credit	117,438,292	64,666,017	117,438,292	64,666,017
ECL	(2,553,207)	(2,018,874)	(2,553,207)	(2,018,874)
Closing balance	709,794,677	387,022,603	709,794,677	387,022,603

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