By Ayomide Otitoju
Wema Bank Plc has announced its audited financial results for the year ended December 31, 2024, showcasing robust growth across key financial metrics. The bank reported a profit before tax (PBT) of N102.51 billion, reflecting an impressive 135% increase from the N43.59 billion recorded in 2023. Following this strong performance, the bank has proposed a dividend of N1.00 per share for shareholders.
Strong Balance Sheet and Asset Growth
Wema Bank’s balance sheet remains well-structured, diversified, and resilient, with total assets growing by 60% year-on-year (YoY) to N3.59 trillion, up from N2.24 trillion in 2023. The bank also recorded a 36% increase in customer deposits, which rose to N2.52 trillion from N1.86 trillion.
In line with its commitment to supporting businesses and individuals, loans and advances expanded by 50%, reaching N1.20 trillion from N801.10 billion in 2023. The bank maintained a Non-Performing Loan (NPL) ratio of 3.86%, underscoring its prudent risk management framework.
Revenue and Profitability on the Rise
Wema Bank’s Gross Earnings surged by 92% to N432.34 billion, compared to N225.75 billion in 2023. The increase was driven by a 92% rise in Interest Income to N353.54 billion and a 91% growth in Non-Interest Income to N78.80 billion.
Key performance indicators further highlight the bank’s resilience:
Return on Average Equity (ROAE): 43.60%
Return on Average Assets (ROAA): 2.96%
Capital Adequacy Ratio (CAR): 19.67%
Cost-to-Income Ratio: 56.23% (a significant improvement from the previous year)
CEO’s Perspective on Performance and Innovation
Managing Director/CEO, Mr. Moruf Oseni, attributed the bank’s exceptional growth to strong strategy execution in risk management, customer relationship management, and digital banking.
“Our people remain committed to Wema Bank’s founding ethos of supporting Nigerian businesses and individuals with innovative banking products and services. Despite economic challenges, we continue to witness strong growth across all financial indices, highlighted by a 135% increase in Profit Before Tax and a 92% rise in Gross Earnings.”
Wema Bank’s flagship digital banking platform, ALAT, continues to lead innovation in Nigeria’s fintech space. One of its latest initiatives, ALAT XPlore, is Nigeria’s first licensed banking app for teenagers (ages 13-17), designed to promote financial literacy and money management skills.
Capital Raise Initiative Set for April 2025
To further strengthen its financial position, Wema Bank will launch a N150 billion Rights Issue in April 2025, as part of its Capital Raise Program. The initiative aims to enhance the bank’s capital base, support expansion efforts, and drive digital transformation.
With consistent growth, strategic innovation, and a strong financial position, Wema Bank remains well-positioned for sustained success in Nigeria’s evolving banking sector.
