Wema Bank's H1 2026 Profit Jumps Despite EPS Decline

Wema Bank Plc's first-half 2026 results show a profit before tax increase of 53.65 percent to N154.56 billion, up from N100.59 billion in H1 2025. Profit after tax rose by 50.12 percent to N131.37 billion, while gross earnings increased by 36.9 percent to N415.09 billion.

Interest income surged 42.69 percent to N342.64 billion, and loans and advances reached N2.12 trillion. However, the bank's earnings per share fell by 19.81 percent to N6.55, attributed to a recapitalisation in 2025 that increased the number of shares to about 40.12 billion.

This paradoxical situation raises concerns about the sustainability of earnings and the effectiveness of the recapitalisation, as shareholders expect stronger returns per share. Financial expert Mike Akannor noted that the enlarged share capital could impact earnings per share in the near term, despite positioning the bank for expansion.