Wema Bank Nigeria (“Wema” or “the Bank”) has released its audited Consolidated Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX).
The Bank reported a profit before tax (PBT) of ₦102.51bn, marking a 135% increase from ₦43.59bn in 2023. On the back of this strong performance, Wema Bank has proposed a final dividend of ₦1.00 per share.
The Bank’s balance sheet remains strong, diversified, and resilient, with total assets rising 60% to ₦3,585.05bn in FY 2024 (FY 2023: ₦2,240.06bn). Deposits grew 36% year-on-year (YoY) to ₦2,523.82bn (FY 2023: ₦1,860.57bn), while loans and advances increased 50% to ₦1,201.21bn (FY 2023: ₦801.10bn). The Non-Performing Loan (NPL) ratio stood at 3.86% at the end of FY 2024.
The Bank delivered strong top-line growth, with gross earnings increasing 92% YoY to ₦432.34bn (FY 2023: ₦225.75bn). Interest income surged 92% to ₦353.54bn (FY 2023: ₦184.48bn), while non-interest income rose 91% to ₦78.80bn (FY 2023: ₦41.27bn).
Key financial ratios further underscore Wema Bank’s resilience and financial strength:
- Return on Average Equity (ROAE): 43.60%
- Return on Average Assets (ROAA): 2.96%
- Capital Adequacy Ratio (CAR): 19.67%
- Cost-to-Income Ratio (CIR): 56.23%
Commenting on the results, Managing Director/CEO, Mr. Moruf Oseni, attributed the Bank’s record-breaking performance to strong strategy execution across risk management, customer relationships, and digital banking.
"Our people remain committed to Wema Bank’s founding ethos—supporting Nigerian businesses and individuals with innovative banking solutions. Our flagship digital platform, ALAT, continues to lead in the adoption of digital banking, particularly among Nigeria’s youthful population. Notably, ALAT XPlore, the first licensed banking app for teenagers (ages 13–17), is equipping young Nigerians with essential money management skills, fostering financial literacy, and helping them achieve their financial goals."
Despite the challenging operating environment, Wema Bank continues to experience strong growth across all financial metrics, demonstrating the quality and resilience of its workforce.
Looking ahead, Wema Bank’s N150bn Rights Issue—part of its Capital Raise Program—is set to commence in April 2025, reinforcing its commitment to long-term growth and value creation.
For more information, visit www.wemabank.com.
