Wema Bank Reports ₦102.5bn Profit Before Tax for FY 2024, a 135% Surge; Announces ₦1.00 Dividend, Plans ₦150bn Rights Issue in April 2025
Wema Bank Plc has released its audited financial results for the full year ended December 31, 2024, posting an impressive 135% increase in profit before tax (PBT) to ₦102.51 billion, compared to ₦43.59 billion in 2023.
The bank also announced a ₦1.00 final dividend per share, reinforcing its commitment to shareholder value.
Strong Financial Performance in FY 2024
Wema Bank delivered significant growth across key financial metrics:
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Gross earnings rose by 92% to ₦432.34 billion (FY 2023: ₦225.75 billion).
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Interest income increased by 92% to ₦353.54 billion (FY 2023: ₦184.48 billion).
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Non-interest income surged by 91% to ₦78.80 billion (FY 2023: ₦41.27 billion).
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Total assets expanded by 60% to ₦3.59 trillion (FY 2023: ₦2.24 trillion).
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Customer deposits grew by 36% to ₦2.52 trillion (FY 2023: ₦1.86 trillion).
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Loans and advances increased by 50% to ₦1.20 trillion (FY 2023: ₦801.1 billion).
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NPL ratio stood at 3.86%, indicating strong risk management.
Strategic Growth and Digital Expansion
The bank attributes its robust performance to strong risk management, customer relationship strategies, and its digital banking focus, particularly with its ALAT digital banking platform. Notably, ALAT XPlore, Nigeria’s first licensed banking app for teenagers, has gained traction in fostering financial literacy among young users.
₦150bn Rights Issue Set for April 2025
To sustain its growth momentum, Wema Bank has confirmed plans to commence a ₦150 billion Rights Issue in April 2025 as part of its capital raise program.
Speaking on the results, Managing Director/CEO Moruf Oseni expressed confidence in the bank’s growth trajectory, highlighting its resilience despite economic challenges.
With a Return on Equity (ROAE) of 43.60%, Return on Assets (ROAA) of 2.96%, and a Capital Adequacy Ratio (CAR) of 19.67%, Wema Bank continues to strengthen its position in Nigeria’s financial sector.
Looking Ahead
Despite economic headwinds, Wema Bank remains committed to innovation and expansion, leveraging digital transformation and customer-centric strategies to drive sustained growth.
