WEMABANK
Investo's verdict, shared with you
Wema Bank delivered 76% YoY PAT growth in Q1 2026 (₦63.1bn vs ₦35.9bn), with H1 2026 PBT of ₦154.6bn confirming sustained earnings acceleration and a ROE of ~31% on our filing-derived basis—well above its cost of equity. The bank's ALAT-anchored digital franchise, rapidly growing deposit base (₦3.41trn), and improving fee income mix support a quality narrative, but the current market price of ₦28.9 sits roughly 14% above our base fair value of ₦25.25 and 44% above our P/B-anchored fair value of ₦20.07, creating a valuation overhang that limits near-term upside on a risk-adjusted basis.
Verdict published 2026-08-18 · fundamentals through FY2025 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.