Wema Bank Achieves N102.51 Billion Profit, Proposes N1.00 Dividend for 2024
Wema Bank has reported a profit before tax of N102.51 billion for the 2024 financial year. This marks a 135% increase from N43.59 billion in 2023. Due to its strong performance, the bank has proposed a N1.00 dividend per share.
The bank’s balance sheet remains resilient and diversified. Total assets grew by 60% to N3.585 trillion in 2024, up from N2.240 trillion in 2023. Its deposit base increased by 36% to N2.523 trillion, compared to N1.860 trillion in 2023. Loans and advances rose by 50%, reaching N1.201 trillion, up from N801.10 billion. Non-performing loans stood at 3.86%.
Gross earnings grew by 92%, reaching N432.34 billion, up from N225.75 billion in 2023. Interest income jumped 92% to N353.54 billion, compared to N184.48 billion last year. Non-interest income rose by 91% to N78.80 billion.
The bank’s Return on Equity was 43.60%, and its Return on Assets stood at 2.96%. Its Capital Adequacy Ratio reached 19.67%, while the Cost-to-Income ratio improved to 56.23%. These results highlight the bank’s strong operational efficiency.
Managing Director Moruf Oseni credited the strong performance to effective risk management, customer relationships, and digital banking strategies. He emphasized ALAT, the bank’s digital platform, as a leader in banking adoption among Nigeria’s youth. Oseni also highlighted ALAT XPlore, Nigeria’s first licensed banking app for teenagers, as an example of the bank’s commitment to financial literacy.
Despite external challenges, Wema Bank continues to grow. The bank’s significant increase in profit, earnings, and assets demonstrates its resilience. Looking ahead, the bank plans a N150 billion rights issue in April 2025 as part of its Capital Raise Programme.
