Wema Bank Reports ₦102.5bn Profit Before Tax in FY 2024, Proposes N1.00 Dividend, Set to Launch ₦150bn Rights Issue
Lagos, Nigeria – Wema Bank Plc has announced its audited financial results for the fiscal year ended December 31, 2024, posting a remarkable 135% growth in profit before tax (PBT) to ₦102.51 billion, compared to ₦43.59 billion in 2023. The bank has also proposed a final dividend of N1.00 per share to its shareholders.
The bank’s total assets surged by 60% to ₦3.59 trillion, up from ₦2.24 trillion in 2023, while customer deposits grew 36% year-on-year to ₦2.52 trillion from ₦1.86 trillion. Loans and advances expanded 50% to ₦1.20 trillion, with the non-performing loan (NPL) ratio standing at 3.86% as of the year’s end.
Wema Bank also recorded strong top-line growth, with gross earnings increasing by 92% to ₦432.34 billion, up from ₦225.75 billion in the previous year. Interest income rose 92% to ₦353.54 billion, while non-interest income surged by 91% to ₦78.80 billion.
Key financial indicators highlight the bank’s strong performance, with a return on average equity (ROAE) of 43.60%, return on average assets (ROAA) of 2.96%, capital adequacy ratio (CAR) at 19.67%, and cost-to-income ratio improving to 56.23%.
Speaking on the results, Wema Bank’s Managing Director/CEO, Mr. Moruf Oseni, attributed the strong performance to strategic execution in risk management, customer relationship management, and digital banking innovations. He emphasized the bank’s commitment to supporting Nigerian businesses and individuals through cutting-edge banking solutions.
The bank’s flagship digital platform, ALAT, continues to drive digital banking adoption, especially among younger customers. Notably, ALAT XPlore, Nigeria’s first licensed banking app for teenagers, was introduced to help 13–17-year-olds develop financial literacy and money management skills.
Looking ahead, Wema Bank has announced plans to commence a ₦150 billion Rights Issue in April 2025, aimed at strengthening its capital base and supporting future growth.
Despite economic challenges, the bank’s impressive financial performance underscores its resilience, innovation, and commitment to long-term value creation for stakeholders.
