Wema Bank has announced a profit before tax of N102.51 billion for 2024, reflecting a 135% increase from the N43.59 billion recorded in 2023.

The bank has proposed a dividend of N1.00 per share in light of its strong financial performance.

In a statement released on Sunday, the bank highlighted its robust financial structure, with total assets rising by 60% to N3.585 billion, up from N2.240 billion in 2023.

The bank also saw a 36% year-on-year increase in its deposit base, reaching N2.523 billion, compared to N1.860 billion in 2023. Loans and advances grew by 50%, totaling N1.201 billion in 2024, up from N801.10 billion the previous year. Non-performing loans stood at 3.86% at year-end.

Gross earnings surged by 92% to N432.34 billion, compared to N225.75 billion in 2023, with interest income rising by 92% to N353.54 billion, and non-interest income increasing by 91% to N78.80 billion.

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The bank’s Return on Equity stood at 43.60%, while its Return on Assets was 2.96%, and the Capital Adequacy Ratio was 19.67%. The Cost-to-Income ratio improved to 56.23%.

Managing Director Moruf Oseni credited the bank’s performance to strong risk management, customer relations, and digital banking initiatives.

He also pointed to ALAT, the bank’s digital platform, as a leader in Nigeria’s banking sector, especially with innovations like ALAT XPlore, the first licensed banking app for teenagers.

Despite challenges in the operating environment, Wema Bank has continued to perform strongly across key financial indicators.

Oseni also disclosed plans for a N150 billion rights issue in April 2025 as part of the bank’s ongoing Capital Raise Programme.

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