Wema Bank Nigeria has recorded 135 per cent increase in Profit Before Tax (PBT) to N102.5 billion in its audited Consolidated Financial Statements for the full year ended December 31st, 2024.
The results, sent to the Nigerian Exchange Group (NGX), showed the PBT was higher than N43.59 billion recorded in the corresponding period in 2023.
The bank also proposed a dividend of N1.00 per share on the back of the impressive result.
The bank’s balance sheet remained well structured, diversified and resilient with Total Assets growing by 60 per cent to N3,585.05bn in financial year 2024 from N2,240.06 billion in financial year 2023.
The bank also grew its deposit base year on year by 36 per cent to N2,523.82 billion from N1,860.57bn reported in 2023. Loans and Advances grew by 50 per cent to N1,201.21 billion in 2024 from N801.10 billion in 2023, while non-performing loans stood at 3.86 per cent as at end of 2024.
The bank recorded improved year on year performance as Gross Earnings grew by 92 per cent to N432.34bn while Interest Income was up 92 per cent year-on-year to N353.54 billion Also, Non-Interest Income was up 91 per cent y/y to N78.80 billion.
Return on Equity (ROAE) of 43.60 per cent, Return on Assets (ROAA) of 2.96 per cent, Capital Adequacy Ratio (CAR) of 19.67 per cent and Cost to Income ratio of 56.23 per cent underscore the commercial bank’s resilience and financial strength.
The Managing Director/CEO of the Bank, Moruf Oseni stated that the strong 2024 financial year performance stems from the commercial bank’s focus on strong strategy execution in the key areas of risk management, customer relationship management and digital banking. Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services.
ALAT our flagship digital platform continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace. An example of this innovation is ALAT XPlore, the first licensed banking App for teenagers designed to help teenagers ages 13-17 build their money management skills, achieve their financial goals and become financially responsible.
Despite the constrained operating environment, the bank continues to experience strong growth across all its financial indices reflecting the quality and resilience of the workforce. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 135 per cent.
The growth of Gross Earnings by 92 per cent, Total Assets by 60 per cent and earnings per share at 483.20 kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio of 56.23 per cent has witnessed significant improvement from the previous period. Finally, it is important to mention that the Bank’s Capital Raise Program will also commence in April 2025 with a N150 billion Rights Issue.
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