Wema Bank Nigeria has announced a remarkable 135% growth in its profit before tax (PBT), reaching ₦102.5 billion for the financial year ended December 31, 2024. The audited financial results, released to the Nigerian Exchange Group (NGX), also show the bank’s intention to propose a ₦1.00 per share dividend and commence a ₦150 billion rights issue in April 2025.

The bank’s total assets surged by 60%, hitting ₦3.58 trillion from ₦2.24 trillion in 2023. Deposits also rose significantly by 36% to ₦2.52 trillion, while loans and advances grew by 50% to ₦1.2 trillion. Meanwhile, the bank maintained a non-performing loan (NPL) ratio of 3.86%.

Wema Bank recorded strong revenue growth, with gross earnings increasing by 92% to ₦432.34 billion, while interest income surged to ₦353.54 billion and non-interest income rose to ₦78.80 billion, both reflecting 91% year-on-year growth.

Key financial indicators remained strong, with return on equity (ROAE) at 43.60%, return on assets (ROAA) at 2.96%, and a capital adequacy ratio (CAR) of 19.67%. The cost-to-income ratio also improved to 56.23%, showcasing the bank’s efficiency.

Commenting on the performance, Wema Bank’s managing director/CEO, Moruf Oseni, attributed the impressive results to the bank’s strategic focus on risk management, customer relationship management, and digital banking.

He highlighted ALAT, the bank’s flagship digital banking platform, as a key driver of growth, particularly among Nigeria’s younger population. The introduction of ALAT XPlore, the country’s first licensed banking app for teenagers, aims to equip youths with financial management skills.

Despite challenges in the operating environment, Wema Bank remains resilient, with strong financial growth across all key indices. The bank’s upcoming ₦150 billion capital raise in April 2025 is expected to further strengthen its position in the financial sector.